From Fortune:

Chinese President Xi Jinping delivered a rare admission of economic headwinds in China, vowing to strengthen economic recovery and job creation in his New Year’s address, emphasizing the importance of improving citizens’ well-being. Signs of weakness in the economy have grown with shrinking factory activity, putting pressure on policymakers. Additionally, fresh geopolitical risks from US and Taiwan elections are on the horizon, with Taiwan’s hotly-contested election on Jan. 13.

Policymakers are challenged with stabilizing a crisis in the property market and preventing the world’s second-largest economy from sleepwalking into deflation. China is expected to target a growth goal of around 5% in 2024 amid concerns about Beijing’s opaque policymaking and foreign investor uncertainty. Chinese President Xi Jinping aims to strengthen China’s economic momentum and focus on delivering a better life for its citizens.

Chinese President Xi Jinping highlighted Chinese “manufacturing prowess” in his New Year’s speech while making his fewest overseas trips and delaying a key economic meeting in a non-pandemic year. He emphasized the importance of achieving steady and long-term economic development and the rejuvenation of the Chinese nation.

The Chinese President also addressed reunification, alluding to Taiwan, which is the subject of a hotly-contested election on Jan. 13. The potential outcomes of this election will impact Taiwan’s relationship with Beijing and Washington, which have significant geopolitical implications.

Chinese President Xi Jinping’s commitment to strengthening China’s economic momentum and improving citizens’ well-being was a focal point of his New Year’s address. He acknowledged the challenges faced by companies and citizens in 2023 and emphasized the importance of economic recovery and stable, long-term development.



Read more: China’s Xi touts ‘manufacturing prowess’ as economy struggles