Xi says China economy shows resilience amid pressure, urges push for targets
Chinese President Xi Jinping on Tuesday projected confidence in China’s economy, saying it had shown “strong resilience and vitality” despite mounting pressure, and called for efforts to meet the country’s economic targets for the year.
Speaking at a reception in Beijing to mark the 77th anniversary of the founding of the People’s Republic of China, Xi said the economy had “forged ahead under pressure” while shifting towards new growth drivers and higher-quality development. China observes October 1 as National Day and marks it with a weeklong holiday.
In his address, Xi said, “Our country’s economy has forged ahead under pressure, shifting towards new drivers and higher quality, and demonstrating strong resilience and vitality.” He said efforts should be made to sustain this momentum, promote innovation-driven, high-quality and sound economic development, take practical steps to safeguard and improve people’s livelihoods, and meet the targets and tasks set for the year to ensure a good start to the 15th Five-Year Plan for 2026-2030, according to official media reports.
China’s economy has come under pressure, with GDP growth slowing to 4.3 per cent in the second quarter, the weakest quarterly expansion since late 2022, from five per cent in the first quarter. Household consumption in China remained around 40 per cent of GDP, with the economy relying largely on export growth.
Xi also called on the country to move forward with confidence and work towards what he described as the great national rejuvenation. “The great rejuvenation of the Chinese nation is unstoppable,” he said. “As long as we remain confident, stay focused on our goals and move forward steadily, step by step, success will ultimately belong to the great CPC, the great Chinese people and the great People’s Republic of China.” He said that over the past 77 years, “the party has led the Chinese people in achieving two miracles: rapid economic growth and enduring social stability”. He added, “We take immense pride in the extraordinary achievements of new China and have full confidence in the bright prospects of Chinese modernisation.”
On Taiwan, Xi called for deeper exchanges and cooperation across the Taiwan Strait, while also saying China must resolutely fight secessionist forces seeking “Taiwan independence”, oppose external interference and promote the peaceful development of cross-Strait relations to advance national reunification.
He said China would continue with its independent foreign policy of peace, push the implementation of the four major global initiatives it has proposed, and work towards building a community with a shared future for humanity to bring greater certainty and positive energy to what he described as a turbulent world.
Xi also stressed commitment to the “One Country, Two Systems” policy, under which Hong Kong and Macao are administered by their own people and enjoy a high degree of autonomy. He said the central government would support both regions in integrating more fully into the country’s overall development and remained committed to their long-term prosperity and stability. Overall, Xi used the occasion to underline confidence in China’s economy, restate political priorities and call for steady progress on domestic and external goals.
