Xi Jinping Downplays The Necessity For Rapid Economic Growth And Proclaims China’s Achievements In Covid

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Last Updated on October 16, 2022 by Bitfinsider

On Sunday, the President of China, Xi Jinping, reaffirmed the country’s recent pivot away from rapid economic expansion and toward a stronger emphasis on national self-sufficiency, particularly in the technological realm.

Xi was addressing at the opening ceremony of the Communist Party of China’s 20th National Congress, which is held once every five years and is the country’s highest political authority. When he gave the same address in 2017, he began it with a lengthy discussion of the expansion of China’s economy.

On the other hand, President Xi began his speech on Sunday by placing a stronger focus on China’s “national rejuvenation” and on China’s resistance to Taiwan’s independence.

In the introductory portion, Xi made a passing reference to the fact that the country’s Covid strategy had produced “good achievements” in conjunction with economic development. He did not indicate whether or not the policy would continue moving forward.

The Covid regulations that China implemented in 2020 helped the economy to fast return to growth. However, the controversial “zero-Covid” policy has become even more rigorous this year, which has caused investment banks to reduce their growth forecasts for China on multiple occasions.

In light of what lies ahead, Xi stressed the importance of the government establishing a robust technological basis in order to realize its modernization objectives. He cited several sectors, including efforts to improve the quality of manufactured goods produced in China, the country’s capabilities in space transportation, and the growth of digital technology.

According to an official English translation of what Xi said in Chinese, the statement translates as “we cannot hope to establish a magnificent modern socialist country without solid material and technological foundations.”

The United States has exerted a greater amount of pressure on China ever since the 19th National Congress of the party. In an effort to keep the United States ahead of China when it comes to technological innovation, the administration of Vice President Joe Biden has labeled China a strategic rival and has announced this month new export curbs on semiconductors.

During his over two-hour-long speech, Xi did not mention any particular country by name.

However, he devoted one segment of his speech to explaining how the nation would place a greater emphasis on education in order to cultivate its own scientific talent and speed up the launch of national initiatives that had “strategic” and “long-term value.” He did not disclose any details.

In addition to that, he did not completely disregard expansion aspirations. Xi said the government would endeavor to enhance productivity, make its supply networks more resilient and expand overall economic production.

The speech, in general, outlined a foundation for Xi’s near-term goal for China, which he said is to “essentially realize socialist modernization” between the years 2020 and 2035. This plan is to be implemented between the years 2020 and 2035.

He presented previous successes, such as developing the world’s second-largest economy and becoming a “major destination for global investment,” as accomplishments that had already been recorded in the history books.

The Chinese Communist Party has already announced its 100-year development goals, which are to “build a modern socialist country that is prosperous, strong, democratic, culturally advanced, and harmonious” by 2049 and to “build a moderately prosperous society in all respects” by 2021. Both of these goals are to be accomplished by the year 2021.

Maintaining the leadership of the Communist Party of China came first on Xi’s list of “fundamental prerequisites” for the modernisation of China, which was immediately followed by “high-quality development.”

On the list was the goal of attaining “harmony between humanity and nature” as well as “shared prosperity,” which refers to moderate riches for all rather than just a select few.

Xi Jinping, the leader of China, had earlier stated plans to reach the peak of carbon emissions by the year 2030 and to become carbon neutral by the year 2060.

Analysts believe that China’s increased focus on shared prosperity in the past year can be related to the country’s crackdown on internet technology enterprises as well as after-school education organizations. The combination of these policies and China’s controls over Covid has resulted in an increase in the degree to which foreign investors are wary about the potential for economic growth in the country.

On Sunday, Xi advocated for the creation of an online environment that is “healthy.” He stated that the nation would promote becoming wealthy through the application of hard work and would grow its middle class. He stated that China would standardize a method for accumulating wealth, but he did not specify what it would be.

Although he did not directly address China’s continued difficulties in the real estate market, he did reiterate previous statements regarding the acceleration of steps to boost housing purchases as well as rentals.

Xi issued a warning that the road ahead will be fraught with “dangerous storms,” and he urged for a dedication to the leadership of the party, “reform and opening up,” and other values.

It is widely anticipated that Xi will further strengthen his power at the 20th National Congress of the Chinese Communist Party. Xi has led both the country and the Chinese Communist Party for the past decade. The names of the new core team members surrounding Xi are expected to be revealed the following weekend.

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