Xi says China to consolidate and enhance economic recovery in 2024

Journalists watch a giant screen broadcasting footage of Chinese President Xi Jinping speaking at the opening ceremony of the Third Belt and Road Forum (BRF), at the media centre in Beijing, China October 18, 2023. REUTERS/Tingshu Wang/File photo

BEIJING  – President Xi Jinping said on Sunday 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.

Xi said China will “consolidate and enhance the positive trend of economic recovery, and achieve stable and long-term economic development,” Xi said.

“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.”

READ: China to choose fiscal muscle over big reforms to revive economy

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.

China will promote high-quality development and balance development and security in a well-coordinated way, Xi added.

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.

READ: China expects economy to grow by slightly more than 5% in 2023

Analysts expect China’s economic growth to hit the official target of around 5 percent 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.