orities have responded to the slowdown in 2018 by limiting the e
xtent of financial regulatory tightening, injecting liquidity through cu
ts in the reserve requirement ratio, and reducing personal income taxes and corporate value-added taxes.
The overall outlook for emerging Asian economies rem
ains favorable, with China’s growth projected to slow gradually towa
rd sustainable levels. It predicts the country’s growth will moderate to 6.1 percent in 2020.
“China’s growth is set to stabilize,” said Cheng Shi, chief economist at ICBC International.
“As China increased its growth stabilization policy efforts, its economy has shown sig
ns of stability in the first quarter and may further consolidate in the second,” Cheng told China Daily.
China’s business activity revived and beat market expectations
in March, with the manufacturing purchasing managers index return-ing into expansion territory aft
er three months of contraction, according to the National Bureau of Statistics.