President Xi Jinping said today that China will consolidate and enhance the positive trend of its economic recovery in 2024, and sustain long-term economic development with deeper reforms.
In a televised speech to mark the New Year, Xi said China would deepen reforms to shore up confidence in the economy.
“We must comprehensively deepen reform and opening up, further boost confidence in development, enhance economic vitality, and make greater efforts to promote education, promote science and technology, and cultivate talents.”
Xi voiced his concerns over difficulties facing some firms’ operations and the hardship facing some people in employment and their daily lives, and the impact of natural disasters such as floods and earthquakes in some regions.
The government has in recent months announced a series of measures to shore up China’s feeble post-pandemic economic recovery, which is being held back by a property slump, local government debt risks and slow global growth.
Analysts expect China’s economic growth to hit the official target of around 5 per cent this year, and Beijing is expected to maintain the same target next year.
Earlier this month, top Chinese leaders met and laid out economic plans for 2024, pledging to take more steps to support the recovery. The central bank has pledged to step up policy adjustments to support the economy and promote a rebound in prices, amid signs of rising deflationary pressures. — REUTERS
