China’s deepening slowdown tests Xi’s tolerance for growth miss

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China’s deepening slowdown tests Xi’s tolerance for growth miss - Business Mirror

Quick Summary:

Back in January, Premier Li Qiang trumpeted China’s success in exceeding its 2023 growth goal without resorting to "massive stimulus.” Repeating the same feat this year now looks less likely.

President Xi last week appeared to signal tolerance for a rate slightly lower than 5 percent, when he urged officials to implement existing policies to “strive to achieve” the full-year goals.

The deterioration is testing President Xi Jinping’s tolerance for missing a high-profile target, as he balances growth with avoiding the big stimulus that fueled previous boom-and-bust cycles.