China’s Economy Is ‘More Resilient,’ Says President Xi In New Year Speech

Posted by African Examiner Latest Headlines, World News Sunday, December 31st, 2023

(AFRICAN EXAMINER) – Chinese leader Xi Jinping said on Sunday his country’s economy had weathered a storm and grown “more resilient and dynamic” this year, in a speech to the nation marking the new year.

Xi also promised in an address broadcast on state-run channel CCTV that China would “surely be reunified” — a reference to the self-ruled island of Taiwan, which Beijing claims as its own and has pledged to seize.

Xi has endured a challenging 2023 at the helm of the world’s second-largest economy.

His administration has struggled to sustain an economic rebound since rapidly dumping its onerous zero-Covid policy a year ago.

But on Sunday Xi said 2023 had seen the economy “weather the storm” and become “more resilient and dynamic than before”, in a New Year speech broadcast on state-run channel CCTV.

Record youth unemployment and a persistent debt crisis in the crucial property sector have also hemmed in China’s growth.

Official figures released on Sunday showed a nationwide factory activity decline deepened in December, the third straight month of contraction.

Analysts have said Beijing may struggle to achieve its stated annual growth target of around five percent, the lowest such ambition in years.

Beijing has escalated its pressure campaign against Taiwan this year.

Tensions are running high as the democratic island prepares to hold elections on January 13, with independence-leaning candidate Lai Ching-te leading the polls.

“Chinese President Xi Jinping on Sunday said China will surely be reunified,” state news agency Xinhua said.

“All Chinese on both sides of the Taiwan Strait should be bound by a common sense of purpose and share in the glory of the rejuvenation of the Chinese nation,” it quoted Xi as saying.

AFP