© Reuters. Journalists watch a giant screen broadcasting footage of Chinese President Xi Jinping speaking at the opening ceremony of the Third Belt and Road Forum (BRF), at the media centre in Beijing, China October 18, 2023. REUTERS/Tingshu Wang/File Photo
Exciting news from Beijing! President Xi Jinping announced on Sunday that China will be building on its positive economic recovery trend in 2024 and implementing long-term development reforms to strengthen its economy.
During a televised New Year speech, Xi also emphasized the need to deepen economic reforms to boost confidence in the economy.
The Chinese President emphasized the importance of consolidating and enhancing the country’s economic recovery trend and achieving stable long-term economic development.
Xi Jinping underscored the necessity of comprehensive reform and opening up, increasing confidence in development, enhancing economic vitality, and furthering efforts in education, science and technology, and talent cultivation.
Xi expressed concerns about the challenges faced by some companies and individuals in terms of employment and impact of natural disasters, and vowed to promote high-quality development while balancing development and security.
Recent measures have been announced to bolster China’s economic recovery, which has been affected by a property slump, local government debt risks, and slow global growth.
Analysts are optimistic about China’s economic growth meeting the official target of around 5% this year and maintaining the same target next year.
Earlier in the month, Chinese leaders outlined economic plans for 2024 and pledged to take further steps to support the recovery. The central bank has also promised to adjust policies to support the economy and address deflationary pressures.
