China dismisses Western concerns, maintains its financial system’s resilience

In response to claims from Western nations that China’s financial system is faltering and can have wider implications, the Chinese language language abroad ministry stated that China’s financial system is resilient and has not collapsed. Officers from Australia and america have expressed concerns regarding the second-largest financial system on the earth. U.S. President Joe Biden referred to China’s monetary state of affairs as a “catastrophe,” and Australian Treasurer Jim Chalmers warned {{that a}} slowing Chinese language language financial system would possibly have an effect on Australia. However, a spokesperson for the Chinese language language abroad ministry, Mao Ning, dismissed these claims, stating that China’s financial system has not collapsed. Mao emphasised that China’s financial system has good potential, and the long-term fundamentals for enchancment have not modified. She expressed confidence in China’s performance to promote continued and healthful monetary enchancment. No matter a robust start throughout the first quarter, China’s monetary restoration from the COVID-19 pandemic has confronted challenges, along with weak shopper spending and a deepening property downturn. Analysts predict that the financial system will develop by 5.0% this yr, lower than the 5.5% forecast in a July survey.