China’s economy has only partially recovered after the corona pandemic. Your own growth goal may be missed. State and party leader Xi still sees a positive trend – which he wants to strengthen with further reforms.
In his New Year’s address, China’s state and party leader Xi Jinping called for far-reaching reforms and the promotion of education, science and technology. The People’s Republic will “consolidate and intensify the positive trend of economic recovery and achieve stable and long-term economic development,” Xi said.
Despite a series of crises around the world, Xi said he sees his country’s economy strengthened. China has weathered the storm and has become “more resilient and dynamic” as a result.
Youth unemployment and Real estate crisis
Xi has had a challenging year at the helm of the world’s second-largest economy. His government struggled to get the economy to recover after the previous strict zero-Covid policy with hard lockdowns. High youth unemployment and the crisis in the real estate sector put a strain on the country.
According to official figures, industrial production in China fell for the third month in a row in December. According to experts, it may be difficult for China to achieve its self-imposed target of five percent annual economic growth.
Unification with Taiwan “historically inevitable”
Regarding Taiwan, Xi said in the original Chinese version of his speech: “The reunification of the motherland is historically inevitable.” The official English translation published by Xinhua News Agency read: “China will surely be reunified.” All Chinese people on both sides of the Taiwan Strait should work together for the good of the Chinese nation. There were no military threats against the island in Xi’s speech.
In terms of foreign policy, Xi has long taken a tough stance towards Taiwan. Beijing views Taiwan as a breakaway province that should be reunited with the mainland, if necessary by military force. A new president will be elected in the democratically governed island state on January 13th. Independence supporter Lai Ching-te from the DPP party is leading in the polls.
Praise for Sino-Russian relations
In his speech, Xi once again praised the good relations with Russia and its President Vladimir Putin. As broadcaster CCTV reported, he said that relations with Moscow had “become stronger.” “Faced with unprecedented changes in a century and a turbulent regional and international situation, China-Russia relations have maintained a healthy and stable development and steadily moved in the right direction,” Xi said in his New Year’s wishes to Putin. Under their “joint leadership,” trust between both sides has strengthened, strategic coordination has become closer and cooperation has brought “new results.”