China’s economy remains resilient and there are ample political tools at Beijing’s disposal despite mounting external risks, President Xi Jinping said in remarks released on Saturday.
The world’s second-largest economy has steadily rebounded from a virus-induced recession, but analysts say policymakers face a tough job of maintaining a stable expansion over the next few years to turn China into a high-income nation.
“The basic characteristics of China’s economy with sufficient potential, great resilience, strong vitality, great room for maneuver and many policy instruments have not changed,” Xi was quoted as saying by the Xinhua news agency.
China has strong manufacturing capacity, very large domestic markets, and huge investment potential, Xi said.
Xi reaffirmed a “dual circulation” strategy that would help steer the economy toward greater self-sufficiency, as hostility from the United States and a global pandemic increase external risks.
China still enjoyed “strategic opportunities” in its development, although the coronavirus pandemic has exacerbated global challenges as globalization slows and unilateralism and protectionism are on the rise, Xi said at a meeting on the country’s fourteenth five-year plan. (2021-2025). .
“We must seek our development in a more unstable and uncertain world,” he said.
Xi called for calm amid mounting difficulties and challenges.
“The great rejuvenation of the Chinese nation can never be easily achieved with the beating of gongs and drums,” he said.
.
