Chinese Premier Li Keqiang said at a Jan. 15 business and economics forum that China’s economy faces increasing downward pressure. According to some overseas analysts, China’s economic growth rate could drop to 2 percent in 2019.
The premier’s comments come one week after he warned that China’s authorities should get ready for a “frugal life” when speaking at an executive meeting of the State Council to discuss a tax cut for small businesses on Jan. 9. “Government revenue will shrink, and general expenditures must be curtailed. We need to get prepared for the ‘frugal life’ ahead,” Li said at the meeting.
