China plans 'major' reforms, leader Xi Jinping says

 

Chinese President Xi Jinping said Friday the ruling Communist Party is planning and implementing “major” reforms ahead of a closely watched political conclave that is expected to put economic recovery at the top of the agenda.

Chinese policymakers have struggled to revive growth since the end of strict pandemic-related health restrictions in late 2022.

The world's second-largest economy is struggling with a housing debt crisis, persistently weak consumption and high youth unemployment.

In a speech Friday, Xi said policymakers are “planning and implementing major measures to further deepen reform in an all-round manner.”

“We will… create a more market-oriented, more legal and more international business environment,” he added.

“China's door will only open wider and wider and will never close. »

Xi Jinping has repeatedly promised this year to carry out major reforms, and the government has already adopted measures in key sectors such as real estate to try to address critical problems.

On Thursday, it was announced that the Third Plenum – a meeting historically monitored for signs of economic policy direction – would take place in Beijing in mid-July.

The key meeting of senior officials, originally scheduled for last fall, is eagerly awaited in hopes it can resolve the uncertainty weighing on the country's economy.

Xi Jinping's speech at Beijing's lavish Great Hall of the People, delivered to a high-profile international audience, marked the 70th anniversary of some of China's founding diplomatic principles.

The five principles of peaceful coexistence include mutual respect for territorial integrity, mutual non-aggression, non-interference in each other's internal affairs, equality and cooperation for mutual benefit, and peaceful coexistence.

In his speech, Xi hailed China as a force for global peace, saying Beijing would continue to play a “constructive role” in international conflicts such as those in Gaza and Ukraine.

China has been criticized by Ukraine's allies for failing to condemn Russia's 2022 invasion and accused of favoring Moscow. Beijing insists it is a neutral party.

In the Middle East, China has for decades advocated for a two-state solution to the Israeli-Palestinian conflict.

In his speech, Xi called for greater cooperation between China and developing countries.

“Engaging in practices of decoupling small construction sites from high walls is going against the flow of history,” Xi said.

“This would only harm the common interests of the international community. »

Deadline :

Beijing, China

Story Type: News Service

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