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President Xi Jinping said China’s economy is “resilient” and vowed to deepen economic ties with other countries as he began a third term as head of the country’s ruling Communist Party.
“China cannot develop in isolation from the world. The world’s development also needs China,” Xi said, addressing an audience of Chinese and overseas journalists after the close of the party’s congress.
The twice-a-decade event came at a time of heightened concern about the world’s second-largest economy, where growth has been hit by strict Covid-19 controls and a deep property market slump.
Xi tried to allay those concerns by referring to the country’s long-term growth prospects. “Currently the Chinese economy is resilient. Economic potential is ample. There is large room to manoeuvre,” he said. “Long-term sound economic fundamentals won’t change.”
“Just as China cannot develop in isolation from the world, the world needs China for its development.”
At the party congress, Xi has pushed for the “dual circulation” policy — an attempt to insulate China from economic shocks and US sanctions — while maintaining strategic trade and investment links with the rest of the world. He emphasised the latter part of this approach in his comments to reporters, saying that the country’s economic opening “will only be wider.” Xi also promised changes to economic policy aimed at improving growth, without giving specifics.
“We will firmly fully deepen reform and opening up, firmly push forward high-quality development,” he said.
Bloomberg Economics estimates that China can grow at about 4,6 percent annually over the next decade, if already announced reforms like raising the pension age and relaxing residency restrictions in cities are continued. – Bloomberg
Online Reporter