In his New Year's address, Xi Jinping acknowledged the challenges facing China's economy, including uncertainty from the external environment and pressures from transforming growth drivers.
Mr. Xi's address is unusual, as it typically highlights government accomplishments; here, he implicitly recognized economic troubles and called for collective confidence in overcoming them.
China's government plans to increase public borrowing and cut interest rates to stimulate consumer spending, addressing weakness in consumer confidence and overall economic performance.
While Mr. Xi confirmed a 5 percent growth target for 2024, doubts linger regarding the accuracy of these figures amid struggling real estate and deflationary issues.
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