China's Xi Jinping says economic recovery 'still at critical stage', lists measures for revival

As sluggish domestic activity and property sector woes drag on a post-pandemic rebound, President Xi Jinping on Friday said that China’s economic recovery is at a “critical stage”. “At present, the country’s economic recovery is still at a critical stage,” state broadcaster CCTV quoted Xi as saying at a meeting of China’s Communist Party Politburo, the country’s top decision-making body. Prompting action to stimulate the economy, Xi said that “the country’s development situation is complex, with increasing adverse factors in the international political and economic environment.” “It is necessary to focus on accelerating the construction of a modern industrial system, expand domestic demand, (and) prevent and defuse risks,” said Xi. Xi also emphasised the need to shore up “self-reliance” in key science and technology sectors, and to “accelerate the construction of a new development layout”. The world’s second-largest economy expanded a moderate 4.9 per cent in the third quarter, slightly less than Beijing’s five per cent target, which is one of the lowest in years. Officials have struggled to sustain a recovery from the impact of the Covid pandemic, even after removing draconian containment measures at the end of 2022. With inputs from agencies