Chinese President Xi Jinping has called on government officials to “make every effort” in the final quarter of the year to achieve the nation’s annual growth target of around 5%, Bloomberg reports.
Speaking during a visit to Fujian province, Xi urged officials to “conscientiously implement” existing economic policies, according to the state-run Xinhua News Agency. This comes as China faces slowing growth, weak sentiment, and persistent deflationary pressures.
Xi’s push for stronger economic performance comes on the heels of a massive stimulus package unveiled by Beijing. The package includes rate cuts, measures to support the struggling property sector, and promises of increased government borrowing. This is the second time in a month that Xi has publicly urged officials to prioritize economic growth, according to the reports.
Despite the stimulus efforts, recent data suggests the economy remains fragile. September saw unexpected slowing in export growth, dampening a trade rebound that had been a bright spot for the weakening economy.
To further bolster the economy, China is considering allowing local authorities to issue up to 6 trillion yuan ($853 billion) in bonds through 2027, primarily to refinance off-balance-sheet debt.
