China’sPresident Xi Jinping of China underlined the country’s recent transition away from fast growth and toward a stronger emphasis on national self-sufficiency, particularly in technology.
Xi briefly addressed how the country’s Covid strategy has yielded “good achievements” in terms of economic development cooperation. He did not say if the policy will be discontinued or continued.
Xi mentioned encouraging a “healthy” internet environment. Xi downplays need for rapid growth, proclaims Covid achievements
BEIJING (Xinhua) — Chinese President Xi Jinping reaffirmed on Sunday the country’s recent pivot away from fast growth and toward greater national self-sufficiency, particularly in technology.
Xi was addressing during the opening ceremony of the 20th National Congress of the ruling Communist Party of China, which is held every five years. In 2017, he began his address with a lengthy overview on China’s economic progress.
Xi, on the other hand, opened his speech on Sunday with a larger focus on China’s “national rejuvenation” and resistance to Taiwan independence.
In that opening portion, Xi briefly emphasised how the country’s Covid programme had produced “good achievements” in cooperation with economic development. He did not say if the policy will be discontinued or continued.
China’s Covid controls helped the country quickly return to growth in 2020. But the controversial “zero-Covid” policy has become increasingly stringent this year, prompting investment banks to repeatedly slash growth estimates for China.
Looking ahead, Xi emphasized the country needed a solid technological foundation in order to achieve its modernization goals. Some areas he mentioned included boosting the quality of China’s manufactured products, the country’s capabilities in space transportation and digital development.
“We cannot aspire to construct a great modern socialist country without solid material and technical foundations,” Xi stated in Chinese, according to an official English translation.
The United States has upped its pressure on China since the party’s 19th National Congress. The Biden administration has referred to China as a strategic rival, and last month proposed additional export curbs on semiconductors in an effort to protect the United States’ technological edge over China.
In his nearly two-hour speech, Xi did not reference any individual countries.
However, he devoted one part to declaring how the government will prioritise education in order to build its own scientific expertise, as well as hasten the launch of national initiatives of “strategic” and “long-term relevance.” He didn’t go into any greater detail.
He also did not completely disregard expansion plans. Xi stated that the country’s goal will be to increase productivity, strengthen supply networks, and grow overall economic production.
In summary, the speech laid out a framework for Xi’s near-term goal for China, which he described as “essentially realising socialist modernisation” between 2020 and 2035.
Prior accomplishment — establishing the world’s second-largest economy and becoming a “major destination for global investment” — he framed as already accomplished.
The Chinese Communist Party has already set 100-year development targets, including the creation of a “moderately successful society in all aspects” by 2021 and a “modern socialist country that is prosperous, strong, democratic, culturally advanced, and harmonious” by 2049.
Xi’s list of “fundamental needs” for Chinese modernisation began with maintaining the Communist Party of China’s leadership, followed by “high-quality growth.
Achieving shared prosperity – reasonable affluence for everybody rather than just a few — was on the list, as was “harmony between people and environment.”
China’s Xi previously stated his intention to achieve peak carbon emissions by 2030 and carbon neutrality by 2060.
According to analysts, China’s heightened emphasis on shared wealth last year was due to a crackdown on internet tech enterprises and after-school education organisations. These regulations, along with China’s Covid limitations, have made international investors increasingly wary of the country’s prospective economic chances.
Xi talked on Sunday about developing a “healthy” internet environment. He stated that the government will encourage people to become wealthy via hard work and develop its middle class. He stated that China will standardise an undisclosed wealth accumulation technique.
He did not particularly address China’s persistent real estate problems, but he reiterated previous pronouncements about accelerating steps to stimulate both home purchases and rentals.
Xi warned of “severe storms” ahead, and urged loyalty to the party’s leadership, reform and opening up, and other ideals.
Following a decade of ruling the Chinese Communist Party and the country, Xi is largely anticipated to strengthen his position at the party’s 20th National Congress. The identities of the new core team surrounding Xi are set to be revealed next weekend.