Chinese officials voice faith in economy, keep interest rates steady as forecasts darken

After three years of disruptions from the coronavirus pandemic, China's economy is still affected by both domestic and global factors, and "economic recovery will inevitably be a process of wave-like development and tortuous progress," Cong Liang, vice chairman of China's chief planning agency, said. In a speech published last month, President Xi Jinping said: "We must maintain historic patience and insist on making steady, step-by-step progress," in guiding the economy.