Beijing, China – President Xi Jinping said that China’s economic recovery is at a “critical stage”, state broadcaster CCTV reported Friday, as sluggish domestic activity and property sector woes drag on a post-pandemic rebound.
“At present, the country’s economic recovery is still at a critical stage,” Xi said at a meeting of China’s Communist Party Politburo, the country’s top decision-making body, according to CCTV.
Xi urged measures to boost the economy, saying that “the development situation facing the country is complex, with increasing adverse factors in the international political and economic environment”.
“It is necessary to focus on accelerating the construction of a modern industrial system, expand domestic demand, (and) prevent and defuse risks,” said Xi.
Xi also emphasized the need to shore up “self-reliance” in key science and technology sectors, and to “accelerate the construction of a new development layout”.
The world’s second-largest economy expanded a moderate 4.9 percent in the third quarter, slightly less than Beijing’s five percent target, which is one of the lowest in years.
Officials have struggled to sustain a recovery from the impact of the Covid pandemic, even after removing draconian containment measures at the end of 2022.