Top Chinese officials told Treasury Secretary Janet Yellen they are optimistic China can return to normal economic growth and avoid a crisis in its property sector, according to a Treasury official.
The Biden administration — not to mention every investor with a Bloomberg Terminal — is eager to gain a better understanding.This week, Beijing’s official GDP reading flashed 3% in 2022, down from 8.1% in 2021. The country’s housing market is flirting with disaster.
Yellen will also roll out the welcome mat to whoever replaces Liu in March, when President Xi Jinping unveils his new government.When the official agenda indicated it was time to raise any concerns, both sides said there was no need — as Yellen and Liu already discussed them one on one at a coffee break, according to the Treasury official.The big picture:
The coming Lunar New Year, when many Chinese residents travel home for family gatherings, will test China’s health care system and its economy’s ability to remain productive if COVID cases surge.What we're hearing: They also explained their new efforts to provide a more level playing field for China’s private sector to compete with state-organized enterprises .
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