1. Home
  2. /
  3. Politics
  4. /
  5. Slideshow
  6. /
  7. President Xi Jinping Addresses...

President Xi Jinping Addresses Economic Concerns, Taiwan Issue in New Year’s Eve Address 

In a rare admission, President Xi Jinping acknowledged economic difficulties facing China during his New Year’s Eve address. This marked the first time since 2013 that Xi mentioned economic challenges in his annual message and comes as China grapples with issues such as weak demand, rising unemployment, and declining business confidence. 

Acknowledging Economic Headwinds 

Credit: DepositPhotos

During his televised speech, Xi recognized the challenges faced by Chinese businesses and job seekers. He stated that “some enterprises had a tough time” and “some people had difficulty finding jobs and meeting basic needs.” These admissions were widely circulated by state media, signaling the severity of the economic situation. 

Efforts to Strengthen Economic Recovery 

Credit: DepositPhotos

Xi emphasized the importance of consolidating and strengthening the momentum of economic recovery.  

He said “Some enterprises had a tough time. Some people had difficulty finding jobs and meeting basic needs.. All these remain at the forefront of my mind. We will consolidate and strengthen the momentum of economic recovery.” 

Read More: Judge Orders Giuliani to Promptly Pay Defamed Georgia Election Workers 

Decline in Factory Activity 

Credit: DepositPhotos

Hours before Xi’s address, the National Bureau of Statistics (NBS) released its Purchasing Managers’ Index (PMI) survey for December, indicating a decline in factory activity. The official manufacturing PMI dropped to 49 last month, down from 49.4 in November, marking the third consecutive month of contraction. 

Persistent Manufacturing Downturn 

Credit: Photo by Bill Pugliano/Getty Images)GETTY IMAGES

China’s manufacturing sector experienced weakness throughout 2023, with the official manufacturing PMI contracting for extended periods. After a brief pickup in early 2023, it contracted for five months until September, before dipping below 50 again. 

Economic Challenges Faced by China 

Credit: DepositPhotos

Throughout the year, China has grappled with several economic problems, including a prolonged property downturn, record-high youth unemployment, weak prices, and financial stress at the local government level. 

Also Read: Records Reveal Frequent Email Exchanges Between Joe Biden and Eric Schwerin During Ukraine Diplomacy 

Government’s Measures to Revive Growth 

Credits: DepositPhotos

Beijing has taken various measures to stimulate economic growth and employment, including fiscal and monetary policies. However, these efforts have been accompanied by a more statist approach to the economy, raising concerns among entrepreneurs and international investors. 

Control Over Private Sector 

Credit: DepositPhotos

The Chinese government’s increasing control over economic and social affairs, along with its crackdown on businesses in the name of national security, has led to anxiety within the private sector. 

Alipay and Jack Ma’s Role 

Credit: DepositPhotos

Recently, the People’s Bank of China approved the removal of controlling shareholders at Alipay, a prominent digital payment platform operated by Jack Ma’s Ant Group. This development signifies Ma’s formal withdrawal from the company, as Beijing has intensified its scrutiny of major tech companies. 

Read More: Resignations Increase in Response to Florida’s Financial Disclosure Law 

Xi’s Stance on Taiwan 

Credit: DepositPhotos

President Xi Jinping reiterated China’s stance on Taiwan, emphasizing reunification in his New Year’s speech. This comes ahead of Taiwan’s presidential elections on January 13 and reaffirms Beijing’s longstanding claim over the self-ruled island. 

Taiwan’s Presidential Election 

Credit: DepositPhotos

The upcoming elections in Taiwan have heightened tensions, with Vice President Lai Ching-te, seen as unfavorable by Beijing, considered a frontrunner. Xi’s comments assert China’s commitment to unifying Taiwan, even if it means using force. 

China’s Ambition for Taiwan 

Credit: DepositPhotos

Xi’s pursuit of Taiwan reunification aligns with his broader goal of positioning China as a global power. Despite never having controlled Taiwan, the Communist Party considers it part of its territory. 

Read Next: Japan Boosts Naval Defense with Modernized Aircraft Carrier 

Taipei’s Concerns 

Credit: DepositPhotos

Taiwan has accused China of running influence operations leading up to the election, particularly targeting candidates viewed unfavorably by Beijing. This highlights the ongoing tension in the region. 

More from The Stock Dork – Biden Administration Faces Criticism Over Exemptions in EV Tax Credit Rule

Credits: DepositPhotos

More from The Stock Dork – Court Limits Biden Administration’s Changes to Family Planning Program, Allowing Funding for Abortion Referrals

Credits: DepositPhotos

More from The Stock Dork – Russia’s Lavrov Asserts Unchanging Goals in Ukraine at Security Talks

Credits: DepositPhotos

Russia’s Lavrov Asserts Unchanging Goals in Ukraine at Security Talks

More from The Stock Dork – Trump’s Attorney Argues That Georgia Trial Would Disrupt 2024 Campaign

Credits: DepositPhotos

Trump’s Attorney Argues That Georgia Trial Would Disrupt 2024 Campaign

More from The Stock Dork – DeSantis Fulfills Pledge to Visit Every County in Iowa

Credits: DepositPhotos
mm

Malik is a skilled writer with a passion for news and current events. With their keen eye for detail, they provide insightful perspectives on the latest happenings. Stay informed and engaged!