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China bulls echo Wang Qishan’s view from Davos: the economy is fine

  • China has just reported its slowest annual growth in nearly three decades, but some analysts are still confident that the economy is not close to tanking
  • Some analysts remain bullish on consumption, but their voices are drowned out by widespread pessimism

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Chinese Vice-President Wang Qishan attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2019. Photo: Reuters

China has just reported its slowest growth in nearly three decades, but some analysts are still confident that the economy is not close to tanking.

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China bulls are not as common as they used to be, but those that remain echo the views of Vice-President Wang Qishan, who told the World Economic Forum on Wednesday that “growth will continue and be sustainable”.

“We believe that we haven’t reached the end, we are actually pursuing more sustainable growth,” Wang told the annual gathering of elites in Davos.

China’s 2018 growth weakened to 6.6 per cent, the slowest rate in 28 years amid sluggish domestic consumption and a bruising trade war with the United States. However, Wang Qishan argued that the growth rate was “not low at all”.

Chinese Vice-President Wang Qishan addresses the 2019 annual meeting of the World Economic Forum in Davos, Switzerland, on January 23, 2019. Photo, Xinhua
Chinese Vice-President Wang Qishan addresses the 2019 annual meeting of the World Economic Forum in Davos, Switzerland, on January 23, 2019. Photo, Xinhua
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These analysts agree.

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