BEIJING (Reuters) – President Xi Jinping said on Sunday that China will consolidate and strengthen the positive trend of economic recovery in 2024 and maintain long-term economic development with deeper reforms.
In a televised speech to mark the New Year, Mr. Xi said China would deepen reforms to boost confidence in the economy.
Xi said China will “consolidate and strengthen the positive trend of economic recovery and achieve stable and long-term economic development.”
“We must comprehensively deepen reform and opening up, further strengthen confidence in development, enhance economic vitality, and make greater efforts to promote education, science and technology, and cultivate human resources.”
President Xi expressed concern about the financial difficulties of some companies, the difficulties in employment and daily life of some people, and the impact of natural disasters such as floods and earthquakes in some regions.
China will promote high-quality development and balance development and security in a well-coordinated manner, Xi added.
The government has announced a series of measures in recent months to support China’s weak economic recovery after the pandemic, but the recovery has been hampered by a real estate downturn, local government debt risks and slowing global growth.
Analysts expect China’s economic growth to reach its official target of around 5% this year, and the Chinese government is expected to maintain the same target next year.
Earlier this month, Chinese leaders met to develop an economic plan for 2024 and pledged to take further steps to support economic recovery. Amid signs of increasing deflationary pressures, the central bank has pledged to step up policy adjustments to support the economy and spur price recovery.
(Reporting by Yelin Mo and Kevin Yao; Editing by Alison Williams and Hugh Lawson)
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