Chinese President warns of a critical stage in economic recovery

Beijing: President Xi Jinping cautioned that China's economic resurgence remains at a precarious juncture, as reported by state broadcaster CCTV on Friday.

Xi's remarks come amidst ongoing challenges, including sluggish domestic activities and concerns within the property sector, posing hurdles to the nation's post-pandemic revival.

Speaking at a meeting of China's Communist Party Politburo, the apex decision-making body in the country, Xi Jinping highlighted the critical nature of the ongoing economic recovery. He underscored the complexity of the development scenario, citing increasing adversities stemming from the international political and economic landscape.

Xi Jinping emphasised the imperative to invigorate the economy by focusing on key areas.

He stressed the urgency to expedite the establishment of a modern industrial system, foster domestic demand, and mitigate potential risks to sustain progress. His directives included a call for fortifying "self-reliance" in pivotal scientific and technological domains and accelerating the implementation of a novel developmental framework, reported AFP.

Despite China's economy expanding by a modest 4.9% in the third quarter, marginally below Beijing's target of 5% – one of its lowest targets in recent years – authorities have grappled with sustaining the recovery from the repercussions of the Covid-19 pandemic. Challenges persist, even after the lifting of stringent containment measures at the close of 2022.