Hong Kong Summit: Chinese Leaders Defend Economy as Wall Street CEOs Keep Quiet

Chinese officials defended the state of China's economy at a global finance summit in Hong Kong, assuring international CEOs that the country is on track to hit its growth target of about 5% this year. Despite an uneven recovery and challenges in the property market, officials highlighted China's working-age population, investment in research and development, and long-term status as an export powerhouse as reasons for optimism. The International Monetary Fund raised its outlook for China's economy, projecting GDP growth of 5.4% in 2023. However, concerns remain about the property sector and trade data, with exports falling and imports growing for the first time in eight months.