Chinese Communist Party General Secretary Xi Jinping expressed confidence that the country's economy will continue to grow in 2024, despite the difficulties it experienced in 2023. This is reported by Reuters.
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In his New Year's speech, Xi Jinping said that China will “strengthen the positive trend of economic renewal and achieve stable and long-term economic development.”
The Chinese leader also stated the need for comprehensive reform and opening up. He said China will strengthen confidence in development, enhance economic vitality and make greater efforts to develop education, promote science and technology, and nurture talent.
These statements reflect the Chinese government's plans to support the economy in 2024 year. In December 2023, China's top leaders met and laid out economic plans for the following year. They promised to take more steps to support the recovery, including increasing government spending and cutting taxes.
China's central bank also promised to tighten policy adjustments to support the economy. He said he would use “comprehensive tools” to maintain economic growth and price stability.
China's economy grew 4.0% in 2023, the weakest in the last three years. That growth has been slowed by a number of factors, including tough COVID-19 policies, factory closures and trade restrictions.
However, analysts expect China's economy to rebound in 2024. They forecast that China's economy will grow between 4.5 and 5% in 2024.