Xi says China to step up efforts to meet annual economic goals

PRESIDENT Xi Jinping vowed to step up efforts to meet the country’s annual economic and social development targets at a speech marking the 74th anniversary of the founding of the People’s Republic of China.

The country will boost macroeconomic controls and expand domestic demand in its push for “continuous improvement” of economy, Xi told the annual National Day reception held at the Great Hall of People in Beijing on Thursday (Sep 28), according to the state broadcaster China Central Television.

He also pledged to expand job creation, prevent major risks, and to bring “more resilience and vitality” to the country’s economic development.

Xi’s speech, which didn’t include any specific support measures, comes at a critical time for the world’s second-biggest economy. While there are some signs of stabilisation after government efforts to prop up the property market and spur consumer spending, the recovery remains fragile.

China will just about meet its economic growth target for this year, according to a Bloomberg poll. The economy is projected to expand 5 per cent in 2023, according to the median estimate in a new Bloomberg survey of 78 economists – a 10 basis point-downgrade from an earlier poll, with analysts citing property as the biggest challenge for the nation.

Xi also said that China will push for peaceful development of cross-strait ties, while reiterating that unification with Taiwan is “a historic trend that no forces could stop.” BLOOMBERG