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18 July 2024

Chinese President calls for long-term perspective to deal with current economic challenges

Photo: WAM


Chinese President Xi Jinping has called for a long-term perspective to deal with the current difficulties, risks and challenges facing China's economy and to boost confidence in the country's development.

The country's huge economic potential is unchanged despite the challenges ahead, and the government has numerous policy tools to promote economic development, China Daily quoted him as saying at a recent high-level conference.

Xi, who is also General Secretary of the Communist Party of China Central Committee and chairperson of the Central Military Commission, made the remarks while joining political advisers from the economic sector at a panel discussion during the third session of the 13th National Committee of the Chinese People's Political Consultative Conference.

He stressed that it is necessary to take active measures to enhance confidence in the whole of society, and particularly among market players, and to consolidate China's economic stability and good long-term development.

Xi pointed out that China's economy faces great pressure due to the new coronavirus outbreak, along with many other structural, systematic and periodic problems.

China also faces a great number of international challenges including the world economic recession, the sharp decrease in global trade and investment, global financial market turbulence, restrictions on global travel, setbacks to economic globalisation, the protectionism of some countries and rising geopolitical risks, the president said.

China has to pursue its development in a more unstable and uncertain world, he added.

Xi expressed confidence in China's economic growth, saying that the country has the largest industrial system in the world and a great productive capacity.

He stressed the importance of promoting scientific innovation, accelerating the development of strategic industries, including the digital economy, intelligent manufacturing and new materials for people's daily life and health, and creating more engines to drive economic growth.