Revival of China's economy complicated due to global competition: Xi Jinping

Beijing: Chinese President Xi Jinping said the efforts to revive China's economy have become complicated due to growing global competition to attract investment. He has called for steps to forestall and defuse major economic and financial risks, including in the property sector and local government debt.

Xi said more efforts should be made to attract and utilise foreign investment. The economic work in 2023 should focus on the major problems and start with improving public expectations and boosting confidence in development. "Efforts should be made to expand market access, comprehensively improve the business environment, and provide targeted services to foreign-funded enterprises."

"There is still a lot of important work to be done in 2023 citing tasks such as advancing rural revitalisation on all fronts and planning a new round of reform across the board," he added.

China is the world's second-largest economy and last year recorded its second-lowest growth rate in 50 years. The pandemic, following the zero-Covid policy, and the government crackdown on big tech industries have led to a crisis in the country. There has been an increasing shift in international investments in several countries including India.

Economic slowdown and health insurance cuts have also caused public unrest and rare protests.