China Vice Premier He Lifeng suggests economic development is showing sound momentum in H1 2023

“China's economic development is showing sound momentum in the first half of the year,” Chinese media Xinhua came out with the statements from China Vice Premier He Lifeng as he met Singapore's Temasek Chairman Lim Boon Heng earlier this week in Beijing.

Key comments

The economy has recovered and turned for the better.

He said a bumper summer harvest of grains is likely, the manufacturing industry has been growing steadily, the service industry is picking up relatively fast.

Investment, consumption, and export played their role in a coordinated way, employment and commodity prices are kept generally stable, and solid headway is being made in high-quality development.

Market reaction is nil

There is no market reaction to the otherwise risk-positive news amid holidays in China and Hong Kong. However, AUD/USD grinds higher around 0.6800 by the press time.

Also read: AUD/USD rebound fades near 0.6800 on mixed concerns about Fed, China