Chinese President says Beijing will boost and support economic recovery in 2024

Chinese President Xi Jinping said on Sunday that China will support and enhance the economic recovery of the country in 2024. 

In a televised New Year's speech, he added that China will deepen reforms to boost confidence in the economy. 

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

He added, "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." 

Xi expressed concern about obstacles facing the operations of some companies and the difficulties faced by some individuals in work and daily life, as well as the impact of natural disasters such as floods and earthquakes in some regions. 

He stated that China will promote high-quality development and balance development and security in a well-coordinated manner. 

In recent months, the government has announced a series of measures to support the weak economic recovery in China after the COVID-19 pandemic, hindered by the decline in the real estate sector, risks of local government debt, and the global economic slowdown. 

Analysts expect economic growth in China to reach the official target of around five percent this year, and Beijing is expected to maintain the same target next year. 

Earlier this month, senior Chinese leaders met and outlined economic plans for 2024, pledging to take more steps to support recovery. The central bank pledged to intensify policy adjustments to support the economy and enhance price recovery amid signs of increasing deflationary pressures. 

Reuters