Xi Jinping Urges Caution in China’s Pursuit of Economic Solutions Amidst Growing Challenges

Chinese President Xi Jinping has called for a cautious and innovative approach to address the economic challenges facing China. Speaking at the annual “two sessions” of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC), Xi emphasized the importance of balancing the pursuit of “new quality productive forces” for technological innovation with the preservation of traditional industries.

Xi stressed the need for high-quality development, innovation, and the fostering of emerging industries while cautioning against a headlong rush into projects and industry bubbles. His remarks addressed concerns about neglecting existing sectors and urged forward-thinking plans for a modernized industrial system.

The concept of “new quality productive forces” is promoted as a strategy for advanced productivity led by innovation. Xi acknowledged the significance of improving property rights protection, market access, fair competition, and social credit to build a high-standard socialist market economy system.

Additionally, Xi called for the creation of a world-class business environment that is market-oriented, law-based, and internationalized. He urged resolute measures to rectify bureaucratic practices and emphasized the importance of fostering a higher-standard open economy. The Chinese government, in collaboration with NPC members, set a cautious official 2024 GDP growth target of five percent against a backdrop of challenges.