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Development remains China’s top priority, Xi Jinping In his speech at the opening ceremony of the 20th Congress of the Communist Party of China on Sunday, he said the reforms would be carried out in the direction of a socialist market economy.
The comments came after China’s economy has endured a difficult year as a strict “zero-epidemic” policy hit production and supply chains.
Xi Jinping China must focus on high-quality development, which should include safe production, supply chain resilience and a “dual circular” economic strategy, he said.
“In order to enhance innovation capabilities, China will speed up the implementation of a number of major national projects with strategic, overall and long-term significance. Focus on improving the new system for mobilizing resources across the country to tackle key problems, and enhancing my country’s strategic scientific and technological strength.” Xi Jinping He affirmed the role of the technology industry in China’s economy.
The announcement comes even as the country’s tech crackdown has wiped more than $1 trillion of the combined market value of the industry affecting major companies such as Alibaba Group Holding Ltd and Tencent Holdings Ltd.
China’s economic growth is on track to rebound by 3.4 percent, forecasters say, but 2022 remains its worst year in decades. That’s well below the “around 5.5 percent” target set by Beijing in March.
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