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Xi Jinping admits China is in trouble

Xi Jinping admits China is in trouble

Typically, New Year's speech revolves around economic progress and optimistic aspirations. But this time something is different.

– Along the way, we have to face headwinds. Some companies are having a tough time. When addressing the Chinese people, Xi Jinping acknowledged that some people have difficulty finding jobs and meeting basic needs.

1.4 billion people

He writes, among other things Interested in trade , CNN And The Wall Street Journal.

But with a population of 1.4 billion, China is one of the most important and populous countries in the world. What happens here often has consequences for large parts of the rest of the world.

After the United States, China has the largest economy in the world, and many countries are financially dependent on and indebted to China.

A critical time for China

Now a blue light is shining in the economy of the mighty East Asian giant. It is observed far beyond the country's borders.

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According to American media, Xi's speech comes at a critical time for the world's second-largest economy. The country is suffering from a structural decline characterized by weak global demand, high unemployment rates, a serious decline in the real estate market, and weak business confidence.

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The weakest growth in half a century

A survey of Chinese manufacturers showed that factory activity in December fell for the third month in a row. Economic growth is among the weakest in half a century.

But not everything is black. Xi also emphasized progress in sustainable industry and the growth of domestic tourism in his speech.

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– We will strengthen and enhance the momentum to achieve stable and long-term economic development and recovery, Jinping stressed.

– China will definitely be unified

When Xi touched on the extremely tense relations with Taiwan, he didn't let his fingers rest. He promised to reunite the Chinese mainland with Taiwan.

– China's reunification will certainly take place, and all Chinese people on both sides of the Taiwan Strait must adhere to the common sense of purpose, promote lasting prosperity and participate in the rejuvenation of the Chinese nation. Jinping said that people on both sides of the Taiwan Strait are members of the same family.