Posted 1/2/2024, 7:42:00 AM
Xi Admits Economic Struggles in New Year's Speech, China Faces Ongoing Growth Challenges
- Xi Jinping acknowledged economic challenges in Sunday speech, admitting some companies had "tough time" and people struggled finding jobs
- First time Xi has spoken about economic difficulties in New Year's messages since 2013
- China's economy grew just 3% in 2022, one of worst showings in half a century
- Official survey showed manufacturing activity contracted for 3rd straight month in Dec.
- Nomura economists believe China's growth momentum will remain "lackluster" in 2023, with potential economic dip in spring