Posted 1/1/2024, 6:26:00 AM
Xi Admits Economic Struggles in New Year's Speech Amid Manufacturing Contraction and Unemployment Concerns
- Xi admitted China's businesses are struggling and people are having trouble finding jobs, the first time he has mentioned economic challenges in his New Year's speeches
- Official data shows China's manufacturing sector contracted in December for the third straight month
- China's economy has faced multiple problems in 2022, including a property downturn, high youth unemployment, weak prices, and financial stress
- Beijing is trying to boost growth and jobs, but its statist approach has worried entrepreneurs and foreign investors
- Xi reiterated China's goal of "reunification" with Taiwan ahead of Taiwan's presidential election, striking a more forceful tone than last year