President Xi Jinping said tough challenges remain in China’s fight against Covid-19 and acknowledged divisions in society that led to rare spontaneous protests. Know more:
President Xi Jinping said tough challenges remain in China’s fight against Covid-19 and acknowledged divisions in society that led to rare spontaneous protests, after weeks of silence on a virus policy pivot that’s infected hundreds of millions and delivered a severe blow to economic activity.
But on Saturday, the Chinese leader addressed the hardships endured by the nation’s people during strict lockdowns, as well as in the rapid spread of Covid. Without directly referring to the protests, Xi said in his speech that it’s “only natural” for the country’s 1.4 billion people to have different concerns and views on some issues. “What matters is that we build consensus through communication and consultation,” he said.
While analysts forecast growth slowed to 3 percent in 2022, Xi said China’s gross domestic product exceeded 120 trillion yuan last year, suggesting the economy expanded at least 4.4 percent. “It is actually hard for analysts to provide a reasonable forecast given the virus uncertainties over the past month,” Guotai Junan International’s chief economist Hao Zhou said in a note on Saturday, referring to December’s manufacturing PMI data. “We reckon investors to look beyond these sentiment figures and pay attention to the high-frequency economic activity data that would provide a gauge of post-pandemic recovery.
Xi is betting an economic rebound this year will help the nation through the shock, with officials vowing at a recent meeting of the 24-member Politburo to revive consumption and support the private sector.
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