China's Premier says the economy performed better than expected in the third quarter and the country's debt risks are under control. As David Pollard reports, there was also good news for Germany - investor morale has brightened more than expected.
It was cameras at the ready for the Chinese leader. Premier Li himself though keener to present the economy's best side. (SOUNDBITE) (Mandarin) CHINESE PREMIER, LI KEQIANG, SAYING: "China's economic performance, particularly in the third quarter, is better than expected, especially in employment. More than 10 million new urban jobs were created in the first nine months of this year." Chinese shares meanwhile rose to a one-month high - after Beijing unveiled guidelines to cut massive corporate debt. China's total debt burden is 250 per cent of GDP. But Li claimed that debt risks are under control. (SOUNDBITE) (English) PANMURE GORDON CHIEF ECONOMIST, SIMON FRENCH, SAYING: "Chinese growth certainly is holding up much better in the second half of this year than many anticipated ....but overall that burden remains very very high, so they continue to need to remain very very vigilant. But a lot of this comes down to industrial strategy from the Chinese Communist Party." There was an even brighter snapshot from Germany. Investor morale is up - according to the latest ZEW reading. Data on Monday showed German exports posting their biggest rise in six years - the euro playing its part. (SOUNDBITE) (English) PANMURE GORDON CHIEF ECONOMIST, SIMON FRENCH, SAYING: "That weak currency compared to what the domestic fundamentals would support is good news for German exporters, and I think the only fly in the ointment in terms of this ZEW data is concerns over the health of the German banking system." Brexit concerns apparently shaken off for now - in Germany at least. The British pound sliding back under one dollar 23 as traders continue to fret over what it means for Britain itself.