China’s Premier Li Qiang stated on Wednesday that the country is determined to achieve its economic goals for the year, as mentioned in an official statement.

Li’s comments came after China released disappointing data for July, causing some economists to express concerns about potential risks to the country’s target of approximately 5% GDP growth. In the first half of the year, GDP increased by 5.5% compared to the previous year.

Li, who leads China’s State Council, the highest executive body in the country, made these remarks during a council meeting held on Wednesday.

During the meeting, Li emphasized the need to expand domestic demand and boost consumption. He also highlighted the importance of integrating security and development to support overall business growth.

Economic Outlook and Concerns

A translation of the Chinese statement revealed that Li’s focus was primarily on employment, encouraging the use of various approaches to generate more jobs. However, there was no mention of the property market.

Market concerns have recently resurfaced regarding the potential impact of China’s significant real estate sector on the overall economy. This is exemplified by the precarious situation of Country Garden, a once-prosperous developer now on the verge of default.