President Xi Jinping hails 'resilient' economy
In his New Year speech on Sunday President Xi Jinping said the mainland's economy had grown "more resilient and dynamic" in 2023. The world’s second-largest economy has endured a challenging 2023, with Xi's administration working hard to sustain an economic rebound since dropping its zero-Covid policy a year ago. But Xi said on state broadcaster CCTV the economy had "weathered the storm" and become "more resilient and dynamic than before," hailing the promotion of "high-quality development" and emerging industries such as electric vehicles, lithium batteries and solar panels. He said next year "we must... consolidate and enhance the positive trend of economic recovery, and achieve long-term economic stability." Yet he also acknowledged some hardship, saying "some companies are facing operating pressure (and) some people are encountering difficulties in employment and living conditions." "All of these things concern me greatly," he said. "Our goal is both ambitious and yet very simple. In the end, it is to help people live better lives." Official figures released on Sunday showed a decline in nationwide factory activity deepened in December, the third straight month of contraction. Analysts have said Beijing may struggle to achieve its stated annual growth target of around five percent, the lowest such ambition in years. (AFP)