Beijing, China – Despite concerns raised by Fitch Ratings about China’s sovereign debt outlook, the Finance Ministry has defended the country’s financial position. According to the Ministry, China’s deficit is at a moderate and reasonable level, and risks are under control.
In recent years, China’s economy has been growing at an impressive pace. In the first quarter of 2024, the country exceeded expectations with its GDP expanding at a 5.3% annual pace. This growth was driven by government policies and an increase in demand. Quarter-on-quarter growth was 1.6%, indicating a positive trend in the economy.
Despite challenges posed by the COVID-19 pandemic, including a slowdown in demand and a property crisis, China has implemented various fiscal and monetary policies to stimulate economic growth. The government has set a GDP growth target of 5% for 2024 as part of its efforts to support the economy.
