Sunday, June 1, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Xi sticks to his script in address to congress: Economic development, ‘common prosperity,’ and self-reliance in technology

by Bloomberg
October 16, 2022
in Business
Reading Time: 3 mins read
A A
0
Home Business
Share on FacebookShare on Twitter

Chinese President Xi Jinping reiterated that economic development is the Communist Party’s “top priority,” a signal that Beijing will continue to emphasize growth despite some analysts expecting a shift toward greater focus on national security.

At the opening of the 20th party congress in Beijing, in which Xi is likely to secure a third term in power, he echoed development-first phrasing used in congress addresses by every party leader since Jiang Zemin in 2002. “Development is the party’s top priority in governance,” he said.

Xi has increasingly been highlighting the need to balance security concerns with economic growth since 2020, prompting some analysts to suggest Xi would drop the development-first slogan. That would have been a major departure signaling Beijing would be willing to push other policy goals at the expense of economic growth.

By sticking to the party’s stance and reasserting a goal for per-capita GDP to reach the level of a moderately developed country by 2035, Xi allayed concerns about policy shifting away from growth. At the same time, the president warned of the security risks China faces when pursing its ambitions, and twice mentioned in his speech the need to “balance development with security.”

“I was encouraged that Xi Jinping still emphasized development as China’s top priority, though national security also played a more prominent part than five years ago, which is of course understandable in light of international developments,” said Bert Hofman of the East Asian Institute at National University of Singapore.

Xi hinted at those geopolitical tensions, saying the party should prepare for “major tests of strong winds and high waves.” 

“It’s reassuring that the leaders say that growth still comes first and foremost in the current stage of development, especially as we are faced with economic difficulties from virus curbs and as we are in for challenges from the US over the long term,” said Wu Xianfeng, fund manager at Shenzhen Longteng Assets Management Co. “If we were to go back on our target for development it would be very damaging for confidence.”

The president repeated the party’s key economic policies, including “dual circulation” — driving growth through domestic demand, a nod to concerns about decoupling from the West. The “resilience and security” of supply chains should be improved, he added. 

Xi also emphasized the need for “self-reliance” in technology, using the phrase at least twice in his speech on Sunday compared with no references in his last congress address in 2017. The comments take on added importance as the US intensifies restrictions to curb China’s tech ambitions. Newly added sections in the report on science and education underscored the desire to insulate China’s economy from US sanctions.

Also prominent in Xi’s speech was the “common prosperity” slogan, referring to a campaign to limit income and wealth inequality that has been closely linked with China’s tighter regulation of large tech companies. 

He called to “regulate income distribution, and regulate the mechanism behind the accumulation of wealth” — stronger language than he used in his 2017 speech, when he urged only to “promote a more orderly and reasonable income distribution” and “adjust excessively high incomes.”

China will continue market reform, Xi said, reiterating a vow to let the market play the “decisive” role in allocating resources, while “encouraging, supporting and guiding” privately owned companies. He also said Beijing should “strengthen co-operation between fiscal and monetary policy.”

Economic development should be focused on building China into a manufacturing powerhouse in hi-tech sectors, he added. China will rely on technology, talent and innovation as its main growth drivers, he said, adding that the party should “exert effort” to increase total factor productivity, a measure of the contribution of innovation and ideas to the economy.

Xi praised China’s Belt and Road Initiative, calling for the “high quality” development of the global infrastructure building project. Analysts have been questioning Beijing’s commitment to the initiative due to a slump in overseas lending by Chinese banks. 

He also said he wanted to harness China’s “huge” domestic market to attract overseas investment, and that regulations banning foreign investment from certain sectors could be “reasonably” eased going forward.

On the property market crisis engulfing the economy, Xi’s slogan that “housing is for living, not for speculation” appeared in the official written version of his address, suggesting strict regulation of the sector that has dragged on growth will continue. He also reiterated comments from five years ago that China needs to develop a housing market that ensures supply from multiple sources, and which provides support to encourage both rentals and purchases.

“The speech is mostly an extension of Xi’s previous thought on the economy, and there aren’t much new ideas,” said Ding Shuang, chief economist for Greater China and North Asia at Standard Charted Plc.

— With assistance by Tom Hancock, Fran Wang, April Ma, Yujing Liu, Rebecca Choong Wilkins and Jie Hou

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.



Source link

Tags: AddressCommonCongressdevelopmenteconomicprosperityscriptselfreliancestickstechnology
Previous Post

Is the US Preparing for the “NATOization” of Bosnia?

Next Post

Is Bitcoin price lower than 5 years ago, or has it doubled?

Related Posts

Dingdong Stock: Steady Growth Amid Margin Pressure, Waiting Better Entry Point (NYSE:DDL)

Dingdong Stock: Steady Growth Amid Margin Pressure, Waiting Better Entry Point (NYSE:DDL)

by Astrada Advisors
June 1, 2025
0

This text was written byObserveAstrada Advisors delivers actionable suggestions that improve portfolio efficiency and uncover alpha alternatives, supported by a...

ASUS ExpertBook P1 Review: Practical power for everyday tasks?

ASUS ExpertBook P1 Review: Practical power for everyday tasks?

by zee business
June 1, 2025
0

ASUS ExpertBook P1 Evaluation: Final month, Asus launched its AI-powered laptop computer — the ExpertBook P1 — in India. Based...

Why India’s hotels enjoy highest EV per room globally

Why India’s hotels enjoy highest EV per room globally

by Euro Times
May 31, 2025
0

India’s resort sector is hogging the headlines with the nation witnessing its largest-ever hospitality IPO. Brookfield-backed Schloss Bangalore, proprietor of...

Adani Group Outlines Transport Network in Rebuild of Mumbai Slum (Hold)

Adani Group Outlines Transport Network in Rebuild of Mumbai Slum (Hold)

by Bloomberg News
May 31, 2025
0

Adani Group plans to construct a transportation community as a part of the Dharavi redevelopment mission in Mumbai that may...

China asks Nepal to join its new international mediation organisation

China asks Nepal to join its new international mediation organisation

by Euro Times
May 31, 2025
0

Beijing: China has requested Nepal to hitch the newly fashioned Worldwide Organisation for Mediation as Beijing needs extra international locations,...

Uranium Energy Corp: A Strategic Bet On Nuclear’s Resurgence? (NYSE:UEC)

Uranium Energy Corp: A Strategic Bet On Nuclear’s Resurgence? (NYSE:UEC)

by ZMK Capital
May 31, 2025
0

This text was written byComply withZMK Capital is a Southeast Asian primarily based prop buying and selling desk specializing in...

Next Post
Is Bitcoin price lower than 5 years ago, or has it doubled?

Is Bitcoin price lower than 5 years ago, or has it doubled?

Citi lists four more value-creating events in biotech for this year (NASDAQ:APLS)

Citi lists four more value-creating events in biotech for this year (NASDAQ:APLS)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Cory Booker makes controversial ‘Nazi’ gesture at convention, Elon Musk reacts

Cory Booker makes controversial ‘Nazi’ gesture at convention, Elon Musk reacts

June 1, 2025
Ethereum Climbs In Key Channel After Triple Consolidation Setup

Ethereum Climbs In Key Channel After Triple Consolidation Setup

June 1, 2025
UK to dramatically increase weapons production — RT World News

UK to dramatically increase weapons production — RT World News

June 1, 2025
Dingdong Stock: Steady Growth Amid Margin Pressure, Waiting Better Entry Point (NYSE:DDL)

Dingdong Stock: Steady Growth Amid Margin Pressure, Waiting Better Entry Point (NYSE:DDL)

June 1, 2025
BAD OMEN? Lights Go Out in Bill Maher’s Studio When He Brings Up Joe Biden’s Mental Decline (VIDEO) | The Gateway Pundit

BAD OMEN? Lights Go Out in Bill Maher’s Studio When He Brings Up Joe Biden’s Mental Decline (VIDEO) | The Gateway Pundit

June 1, 2025
Ross Ulbricht Auctions Prison Memorabilia, ID Card Sells For 11 Bitcoin

Ross Ulbricht Auctions Prison Memorabilia, ID Card Sells For 11 Bitcoin

June 1, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Cory Booker makes controversial ‘Nazi’ gesture at convention, Elon Musk reacts

Ethereum Climbs In Key Channel After Triple Consolidation Setup

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In