Xi Jinping
On Tuesday, China’s President Xi Jinping told the BRICS group that the Chinese economy was resilient and that the fundamentals for long-term growth were unchanged.
Xi, who is in South Africa for a BRICS (Brazil, Russia, India, China, and South Africa) meeting, made the statements in a prepared statement read aloud at a business forum by Chinese Commerce Minister Wang Wentao.
“The Chinese economy has strong resilience, tremendous potential, and great vitality”, Xi stated.
The recovery in the world’s second-largest economy has stalled as a result of a worsening property downturn, lacklustre consumer spending, and falling credit growth, strengthening the case for authorities to unleash additional policy stimulus.
Xi, on the other hand, said that his country has economic advantages such as a ‘super-sized market’, a full-fledged industrial system, and an abundant high-calibre labour force.
“The giant ship of the Chinese economy will continue to ride the wind, cleave waves, and forge ahead”, stated Xi.
The United States criticised China on Tuesday for lowering the transparency of its reporting on fundamental economic data in recent months, as well as for cracking down on Chinese enterprises that provided such data, calling its behaviour irresponsible.
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