(Bloomberg) -- Chinese President Xi Jinping called on government officials to make every effort in the final quarter to help the country meet its annual growth target of around 5%, underscoring the pressure the world’s No. 2 economy is facing as the year end draws closer.
Xi urged government officials to “conscientiously implement” existing economic policies and “make every effort” to achieve the nation’s full-year economic and social development goals, the official Xinhua News Agency reported on Wednesday, citing his remarks during a visit to Fujian province.
The Chinese leader’s remarks came after the country recently unveiled a massive stimulus package of rate cuts, measures to support the property sector and promises of greater government borrowing in an effort to revive growth. It was the second time in about a month that Xi had urged officials to pursue economic growth.
As economists and investors assess the potential effects of Beijing’s stimulus package, recent data suggested China’s economy is still facing weak sentiment and persistent deflationary pressures. China’s export growth unexpectedly slowed in September, curbing a trade rebound that has been a bright spot for a weakening economy.
China is considering allowing local authorities to issue as much as 6 trillion yuan ($853 billion) in bonds through 2027 mainly to refinance their off-balance-sheet debt, people familiar with the matter told Bloomberg earlier, a key part of the government’s plan to shore up the economy.
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