As the U.S.-China trade conflict grinds on, Chinese Vice Premier He Lifeng continues to signal that Beijing is “confident” in the strength and trajectory of its economy.
In support of that optimism, economic growth exceeded Beijing’s full-year target in the second quarter, with gross domestic product expanding 5.2% in April to June from the previous year.
But despite positive growth — largely due to increased exports outside the U.S. market — the world’s second largest economy is plagued by a prolonged real-estate crisis and persistently high unemployment rates. Beijing is aiming for economic revitalization by expanding domestic demand and enhancing production capabilities. But structural issues — including population decline, job shortages and an insufficient social-safety net — are hampering consumption and demand.
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