Xi Jinping
President Xi Jinping stated that China’s economic recovery is at a critical stage, as sluggish domestic activity and property sector issues stymie a post-pandemic recovery.
At a meeting of China’s Communist Party Politburo, Xi stated, “At present, the country’s economic recovery is still at a critical stage”.
Xi recommended stimulus measures, stating that the country’s development situation is complex, with increasing adverse factors in the international political and economic environment.
Chinese president went on to say, “It is necessary to focus on accelerating the construction of a modern industrial system, expand domestic demand, (and) prevent and defuse risks”.
Xi also stressed the importance of strengthening self-reliance in key science and technology sectors, as well as accelerating the construction of a new development layout.
The world’s second-largest economy increased by 4.9 percent in the third quarter, slightly less than Beijing’s five percentage-point objective, which is one of the lowest in years.
Even after eliminating stringent containment restrictions by the end of 2022, officials have struggled to sustain a recovery from the COVID-19 pandemic’s consequences.
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