Xi says economy is ‘more resilient and dynamic’

Beijing: President Xi Jinping stated on Sunday that the Chinese economy had become "more resilient and dynamic" in 2023, despite ongoing disappointments in financial figures as the post-Covid recovery stalls. In a bullish New Year's address to the nation, he also pledged that China would "surely be reunified," alluding to the self-ruled island of Taiwan, claimed by Beijing as its own and vowed to seize.

Xi faced a challenging year in 2023 at the helm of the world's second-largest economy, with his administration struggling to sustain an economic rebound since abruptly abandoning its onerous zero-Covid policy a year ago. Despite the difficulties, Xi, speaking on state broadcaster CCTV, asserted that the economy had "weathered the storm" and had become "more resilient and dynamic than before." He praised the promotion of "high-quality development" and the growth of emerging industries such as electric vehicles, lithium batteries, and solar panels.

In his address, Xi emphasized the need to "consolidate and enhance the positive trend of economic recovery" in the coming year and achieve long-term economic stability. However, he acknowledged the existence of challenges, noting, "some companies are facing operating pressure, and some people are encountering difficulties in employment and living conditions." He expressed concern, stating, "All of these things concern me greatly," and emphasized that the ultimate goal is to "help people live better lives."

This year witnessed record youth unemployment and a persistent debt crisis in China's crucial property sector, constraining the country's growth. Official figures released on Sunday indicated a deepening decline in nationwide factory activity in December, marking the third consecutive month of contraction. Analysts suggest that Beijing may struggle to achieve its stated annual growth target of around five percent, the lowest in years.

Regarding Taiwan, Xi briefly mentioned it weeks before the island's elections on January 13. China has intensified its pressure campaign against Taiwan, with tensions running high as independence-leaning candidate Lai Ching-te leads in opinion polls. Xi declared in his Sunday speech that "the motherland will surely be reunified," urging compatriots on both sides of the Taiwan Strait to share in the glory of national rejuvenation. He reiterated China's stance, stating that the use of force to bring Taiwan under its control is not ruled out.

Xi also conveyed New Year greetings to Russian President Vladimir Putin, highlighting the strengthening ties between China and Moscow in 2023. The two long-time allies have grown closer in recent years, particularly as Western countries have distanced themselves from Russia due to its invasion of neighboring Ukraine. Xi noted that the material and public opinion foundation of the China-Russia relationship had strengthened, emphasizing the healthy and stable development of their relations despite the complex international situation. He highlighted the deepening of political mutual trust, closer strategic coordination, and the continued achievement of new results in mutually beneficial cooperation under their joint leadership. _AFP