Communist Party’s top policy-making body acknowledges concerns about consumer demand

China’s Politburo says it aims to strengthen the country’s lead in electric vehicles with brands such as Leapmotor, whose cars are assembled at a factory in Jinhua, China.

Photo: CHINA DAILY/via REUTERS

April 28, 2023 8:23 am ET

SINGAPORE—The top policy-making body of China’s Communist Party pledged to nurture the country’s economic recovery after better-than-expected growth in the first quarter of the year, signaling optimism over the outlook for the economy while acknowledging problems such as local-government debt and youth joblessness.

The world’s second-largest economy is expected to expand at a healthy clip this year after Beijing ditched its strict approach to controlling Covid-19 late last year. The upbeat projections offer support to a global economy beset by slowing growth in the U.S. and Europe as rising interest rates, stubborn inflation and the specter of financial-sector instability bear down on consumer and business spending.

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