Union Speech: State Borrowing and Party Officials

union speech: It's an astonishing decline in poverty achieved with a mix of authoritarianism, competitive markets and a huge increase in corporate and state borrowing, according to The Guardian. During his state of the union speech last week to Chinese communist party officials in Beijing's Great Hall of the People, it was clear that Li Keqiang, the prime minister, was worried this situation might go into reverse. By 2017 that figure had fallen to a little under one in 30, according to the World Bank. He told the audience that GDP growth would be lower this year at between 6% and 6.5%, down from 6.6% in 2018 and the slowest rate in nearly 30 years. He instructed his officials to reduce their spending to avoid accusations of cronyism. The prime minister emphasised that officials needed to be mindful of job losses in the industrial sector and put more money into retraining schemes. (news.financializer.com). As reported in the news.