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Xi Jinping wants to make deals on economy, discusses reforms with business leaders, academics – News24

Xi Jinping wants to make deals on economy, discusses reforms with business leaders, academics – News24


China needs an urgent boost to regain investor confidence and maintain the morale of its citizens in general, amid general sluggishness in the country's economy.
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Ahead of the Communist Party's crucial third plenum in July, where the country's leaders are expected to outline the road map for reforms and rejuvenate the ailing economy, President Xi Jinping called for deeper reforms to tackle the economic problems facing the country.

Reform is the engine of development, Xi said at a symposium in Jinan, eastern Shandong province, where he met with top executives of state-owned enterprises, private entrepreneurs and foreign investors.

We must adopt both a goal-oriented and problem-oriented approach to solve problems by focusing on institutional obstacles and deep-rooted structural problems, President Xi said in a statement. South China Morning Post report.

The world's second-largest economy faces myriad problems such as a stagnant real estate sector, weak domestic demand, growing debt and overseas trade and tariff issues, mostly linked to the United States.

As reported China According to the news agency, those present also shared their thoughts on advancing reforms, facilitating favorable conditions for venture capital investments, modernizing traditional industries, improving corporate governance in private companies and improving the business environment for foreign companies.

President Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, said China should take firm measures to eliminate ideological and institutional barriers that pose an obstacle to China's modernization efforts. country.

China needs an urgent boost to regain investor confidence and to maintain the morale of its citizens in general, amid the general sluggishness of the country's economy.

“China's economic miracle is coming to an end, leaving President Xi Jinping facing a challenge none of his predecessors faced: how to govern after the boom. For four decades, China's 1.4 billion people have enjoyed unprecedented gains in income and wealth. But recently, the blows have multiplied. The housing collapse, the trade war with the United States, the crackdown on entrepreneurs and the prolonged Covid-related lockdowns have blocked the engine of prosperity,” said a Bloomberg piece.

THE Bloomberg According to this article, even as incomes rise in China, gains have been the slowest under President Xi since the late 1980s. The real estate sector is in the deep red and shows no signs of recovery soon. “A housing bubble, industrial overcapacity, high debt and low fertility are all major imbalances that China's current leaders did not cause but are now forced to confront,” it says. read.

Importance of the third plenum

The Third Plenum of the Communist Party of China (CPC) occupies a special place in modern Chinese history. Taking place in December 1978, it was a crucial moment in China's transition to economic reform and opening. Following the death of Chairman Mao Zedong two years earlier, this plenum marked a significant break from the turbulent era of the Cultural Revolution, signaling a new era under the leadership of Deng Xiaoping.

At this meeting, then-paramount leader Deng Xiaoping introduced sweeping economic reforms aimed at modernizing China's economy. These changes included the replacement of collective farming with individual family contracts in agriculture, as well as the opening of China to foreign investment and trade. In addition, the plenum emphasized the importance of technological progress and the development of a socialist market economy.

Throughout history, the Third Plenum of the CPC has been instrumental in introducing major policy changes and reforms that have profoundly impacted China's development and global role.

Although delayed by a few months, the third plenary in July is extremely important for President Xi Jinping, as China's economy desperately looks for ways to recover from dismal figures that also damage the president's image.




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