Chinese officials voice faith in economy, keep interest rates steady as forecasts darken
Wednesday, 20 September 2023 After three years of disruptions from the coronavirus pandemic, China's economy is still affected by both domestic and global factors, and "economic recovery will inevitably be a process of wave-like development and tortuous progress," Cong Liang, vice chairman of China's chief planning agency, said. In a speech published last month, President Xi Jinping said: "We must maintain historic patience and insist on making steady, step-by-step progress," in guiding the economy.
Federal Reserve Chair Jerome Powell, speaking at the Jackson Hole Symposium, emphasized the potential necessity for the US Federal Reserve to implement additional interest rate hikes in order to effectively manage inflation, as policymakers carefully evaluate indications of diminishing inflation...