Jakarta –
China faces difficult economic challenges, including in the business sector and employment issues. This was directly acknowledged by Chinese President Xi Jinping in his speech on New Year’s Eve.
Xi Jinping’s confession in his New Year’s Eve speech was the first since 2013. The country with the world’s second largest economy is grappling with various problems, such as weak demand, rising unemployment, and slumping business confidence.
“Some companies are experiencing difficult times. Some people are having difficulty finding work and meeting basic needs,” said Xi Jinping, quoted from CNNTuesday (2/1/2024).
He admitted that this issue was on his mind, and was determined to take advantage of the momentum of economic recovery. Hours before his speech, China’s National Bureau of Statistics (NBS) published its monthly Purchasing Manager’s Index (PMI) survey.
The survey showed factory activity declined in December to its lowest level in six months. The manufacturing PMI fell to 49 last month, down from 49.4 in November.
For information, PMI figures above 50 indicate expansion, while figures below 50 indicate contraction. December also marked the third consecutive month of contraction in China’s manufacturing PMI.
China’s economy continues to be hit by a series of problems this year, including a hit to the property sector, high youth unemployment and increasing financial pressure on local governments.
Political problems with Taiwan pose another challenge. Xi Jinping promised to unite mainland China with Taiwan, and emphasized his stance towards Taiwan having its own government.
“China will definitely be reunited, and all Chinese citizens on both sides of the Taiwan Strait must be bound by the same goal and share in the glory of the rise of the Chinese nation,” he stressed.
The remarks came just two weeks before Taiwan’s January 13 presidential election, striking a sharper tone than previous New Year’s speeches.
Taking control of Taiwan is Xi Jinping’s main basis for “rejuvenating” China to a position of strength and global standing. The Chinese Communist Party claims Taiwan as its territory, although it has never controlled it and has not ruled out using force to seize the island.
(ily/ara)
2024-01-02 07:41:01
#Jinping #Reveals #Chinas #Economy #Difficulty
