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Economy

China to rein in COVID spending in sign of economic confidence

Beijing shifts focus to taming of 'gray rhino' financial system risk

Workers at a construction site in Beijing: Chinese President Xi Jinping is turning his focus to the post-pandemic economy.   © Reuters

BEIJING -- With China's economy showing signs of recovering from a coronavirus-induced slump, its leadership will begin to push back a bulge in government spending, starting at a key economic planning meeting expected this month.

Real gross domestic product is expected to grow around 2% in 2020, with a January-March contraction dragging down the full-year figure. Many see growth snapping back as high as 7% to 8% in 2021.

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