As the Chinese New Year approaches, marking the transition from the Year of the Dragon to the Year of the Snake, Chinese President Xi Jinping delivered a pivotal speech on January 27. The address, in anticipation of the festivities from January 28 to February 4, highlighted the nation's recent economic challenges and Beijing's determined efforts to stimulate recovery. Despite a 5% growth in 2024, China's slowest since 1990 outside of pandemic years, President Xi conveyed a message of resilience and optimism.
"Over the past year, in the face of complex and severe situations, we have responded to events with composure, implemented measures comprehensively, overcome difficulties and pushed each other to forge ahead," – Xi Jinping
President Xi acknowledged the "complex and severe situations" that have beset the country in recent months. In response, Beijing has intensified efforts to promote economic recovery through a series of incremental policies. These include cutting key interest rates, easing local government debt burdens, and expanding subsidy programs for household goods. Despite these measures, the recovery remains uneven, with potential headwinds anticipated in the coming year.
Adding to China's economic pressures, US President Donald Trump has vowed to increase tariffs on Chinese goods, citing unfair trade practices. This international tension underscores the challenges facing Beijing as it seeks to stabilize growth.
"We have stepped up efforts to push a basket of incremental policies to promote economic recovery" – Xi Jinping
Amid these challenges, individuals like Li Boxuan, a student poised to graduate next year, remain hopeful. As he prepares to enter China's job market, Li is optimistic that the Year of the Snake will bring better prospects than its predecessor.
"I should graduate next year, so I hope I can find a suitable job" – Li Boxuan
Zhong Haiping, a trader from Guangdong province, echoed this sentiment, expressing confidence in China's open export and trade policies. His optimism is shared by many travelers during the New Year period who are cautiously hopeful that stimulus measures will help put the country back on track.
"Now China's policies toward export and trade are very open" – Zhong Haiping
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