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China's currency strengthened to a 30-month high against the US dollar on Wednesday, driven by capital flows into the country, with its improving economic fundamentals expected to provide solid support.
China's employment situation was generally stable in the first quarter this year, with the unemployment rate in 31 major Chinese cities stable at around 5 percent in January and February, according to Zhang.
China's corporate debt-to-GDP ratio is high. The ratio went up in part because of the 4 trillion yuan stimulus package announced in 2008. At that time, the money for infrastructure projects was primarily raised by local government financing vehicles, for the central government did not want to see an excessively rapid increase in the deficit-to-GDP ratio.
China's economy grew at an annual rate of 6.9 percent in the first three quarters of this year. Final consumption accounted for 4.4 percentage points (64.5 percent) of that growth, with the rest coming from investment and net exports, according to the National Bureau of Statistics.
China's economic growth is shaking off the impact of the COVID-19 pandemic to lead the world, CNBC said at its Q4 Global CFO Council Survey on Wednesday.
