China’s Premier Li: Economic growth could exceed target

Dhwani Mehta FXStreet

China’s economic growth this year is likely to surpass a target of “above 6%” amid government measures, Bloomberg reports, citing comments from Chinese Premier Li Keqiang, delivered in a meeting with foreign business executives.

Key quotes

“We need to seek a balance between growth, income, and employment, and we cannot pursue economic growth based on high energy consumption and heavy pollution,”

“China needs growth in employment and income, and will have to work more on boosting domestic demand and consumption.”

Earlier on, Li said that the 2021 GDP growth target of over 6% is not low.

Market reaction

Despite the upbeat remarks from Premier Li, the Chinese proxy, the aussie remains heavily offered, as Western sanctions on Beijing continue to dent the risk appetite.

AUD/USD was last seen trading at 0.7715, down 0.38% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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