China abandons growth target as mortgage strike runs wild

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It’s all over for 5.5% growth:

China will keep its economic policy vigorous, targeted, reasonable and appropriate and will not introduce super stimulus measures and monetary easing to achieve “excessively higher” growth target, said Chinese Premier Li Keqiang on Wednesday.

The country will maintain consistence of the macro economic policy and continue to help market entities to address difficulties in a bid to keep the foundation of the economic development intact, said Li at the World Economic Forum Special Virtual Dialogue with Global Business Leaders.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.