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China's economy worse off in some ways than 2020, says Premier

Li Keqiang tells officials to lower nation's unemployment rate; economists expect China to miss growth target this year

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Photo: Bloomberg

Bloomberg News

5 min read Last Updated : Aug 02 2023 | 10:06 AM IST

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China’s economy is in some respects faring worse than in 2020 when the pandemic first emerged, Premier Li Keqiang said, urging efforts to reduce a soaring unemployment rate.

“Economic indicators in China have fallen significantly, and difficulties in some aspects and to a certain extent are greater than when the epidemic hit us severely in 2020,” Li said Wednesday following a meeting with local officials, state-owned companies and financial firms to discuss how to stabilize the economy.

His remarks came after economists surveyed by Bloomberg forecast China’s economy will grow 4.5% this year, well below the government’s target of about

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