December 19, 2019 / 12:20 PM / a month ago

China's economy may face greater downward pressure in 2020 - premier

FILE PHOTO: Chinese Premier Li Keqiang attends the East Asia Summit (EAS) in Bangkok, Thailand, November 4, 2019. REUTERS/Chalinee Thirasupa

BEIJING (Reuters) - China’s economy could face more downward pressure in 2020 than it did this year, but the government will take steps to keep growth within a reasonable range, state television on Thursday quoted Premier Li Keqiang as saying.

The government will strive to stabilise economic growth while promoting reforms and preventing risks, Li was quoted as saying.

“Next year, China’s economic development is likely to encounter greater downward pressure and face a more complex situation,” Li said.

The government is on track to achieve its key economic targets this year despite difficulties, Li said.

China’s economic growth slowed to 6.0% in the third quarter, a near 30-year low, but full-year growth is expected to be within the government’s target of 6% to 6.5%.

Growth in China’s industrial and retail sectors beat expectations in November, as government support propped up demand in the world’s second-largest economy and amid easing trade hostilities with Washington.

China plans to set a lower economic growth target of around 6% in 2020, relying on increased state infrastructure spending to ward off a sharper slowdown, policy sources said.

Reporting by China Monitoring Desk and Kevin Yao; editing by Larry King

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