International Xi Jinping Gives Bad News About China’s Economy News – 26 minutes ago

Jakarta, CNBC Indonesia – Chinese President Xi Jinping, made an unpleasant statement about China’s economy. He said that China’s economic recovery “is still at a critical stage”.

This was published by state television stations CCTV Friday (8/12/2023). Sluggish domestic activity and problems in the property sector are dragging down the post-pandemic recovery.

“Currently, the country’s economic recovery is still at a critical stage,” Xi said at a meeting of the Politburo of the Communist Party of China, the country’s top decision-making body, quoted AFP.

Xi urged steps to boost the economy. According to him “the development situation facing the country is complex, with increasing adverse factors in the international political and economic environment”.

“It is important to focus on accelerating the construction of a modern industrial system, expanding domestic demand (and) preventing and reducing risks,” Xi said.

He emphasized that it is very necessary to strengthen independence in key sectors, such as science and technology. Including accelerating the construction of new development layouts.

It should be noted that China, which is the second largest economy in the world, experienced moderate growth of 4.9% in the third quarter (Q3) 2023. This is slightly below the 5% target set by Beijing, which is one of the lowest targets in recent years.

Officials have struggled to maintain a recovery from the impact of the Covid-19 pandemic, even after removing draconian restrictive measures at the end of 2022. Exports rose in November for the first time in seven months, although the figure was still lower than last year when the impact of Covid policies most noticeably.

In data AFP, China’s exports, which have been the main driver of growth, have mostly declined since last October. Except for a short-term recovery in March and April.

Surprising drop in imports in November. This shows weak consumer activity in the country.

Previously, the rating agency Moody’s lowered the outlook for the country’s credit rating to negative from stable. Reasons for “widespread downside risks to China’s fiscal, economic and institutional strength.

Beijing’s Ministry of Finance said it was disappointed with Moody’s decision. In fact, he added that concerns about China’s economy were “unnecessary.”

[Gambas:Video CNBC]

Next Article

Today Jokowi flies to China, meets Xi Jinping