China will strive to achieve reasonable economic growth in the second quarter and stem rising unemployment, official Xinhua news agency quoted Premier Li Keqiang as saying on Wednesday. The cabinet announced a package of policy steps earlier this week, including broader tax credit rebates and postponing social security payments and loan repayments to support the economy.
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Prices of copper and most other industrial metals fell on Wednesday on concerns that slowing economic growth and COVID-19 lockdowns in top consumer China would depress demand. Benchmark copper on the London Metal Exchange was down 1.5% at $9,310 a tonne at 1128 GMT.
China will strive to achieve reasonable economic growth in the second quarter, state media quoted Premier Li Keqiang as saying on Wednesday. China will also strive to bring down its jobless rate as soon as possible, Li was quoted as saying at a meeting. China will unveil detailed implementation guidelines for a package of policies to stabilise growth by the end of May, Li added.
China's foreign ministry said on Wednesday a U.S.-backed economic plan for Asia seeks to decouple countries from the Chinese economy, but many countries are worried about the "huge cost" of doing so. Speaking at a regular press briefing, ministry spokesman Wang Wenbin said the Indo Pacific Economic Framework for Prosperity serves U.S. interests and seeks to exclude other countries.
A Philippine court has ordered a mining company to pay damages to 30 people for negligence in a 1993 dam burst that was one of the country's worst mining disasters, a verdict cheered on Wednesday by environmentalists and the industry.
Asia stocks rose on Wednesday even as central banks piled into aggressive rate hikes to battle soaring inflation and left investors worried about slower global growth.
Shares of U.S.-listed Chinese firms traded significantly lower in Hong Kong on Wednesday morning, with major tech names like Alibaba Group Holding , JD.com Inc , Baidu Inc , and Tencent Holdings in the red. Among electric vehicle makers, NIO Inc and Li Auto Inc traded on a muted note, while Xpeng Inc gained about 1.27% after a lower start.
New Zealand's central bank delivered its fifth straight interest rate hike on Wednesday and signalled a much more aggressive tightening path as authorities seek to reduce the second-round effects of runaway inflation. The Reserve Bank of New Zealand raised on Wednesday the official cash rate by 50 basis points to 2.0%, a level not seen since November 2016.
Asia stocks opened mostly in positive territory on Wednesday even as global growth concerns and weak U.S. economic data weighed on Wall Street overnight.
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