Chinese President Xi Jinping says economy is ‘more resilient and dynamic’

President Xi Jinping hails China's economy as "more resilient and dynamic than before" despite record youth unemployment and a debt crisis in the property sector.

Chinese President Xi Jinping said on December 31 that the country’s economy had grown “more resilient and dynamic than before” as he addressed the nation in a speech marking the New Year.

Mr. Xi has endured a challenging 2023 at the helm of the world’s second-largest economy.

His administration has struggled to sustain an economic rebound since rapidly dumping its onerous zero-Covid policy a year ago.

But Mr. Xi said 2023 had seen the economy “weather the storm” and become “more resilient and dynamic than before”, in a New Year speech broadcast on state-run channel CCTV.

Record youth unemployment and a persistent debt crisis in the crucial property sector have also hemmed in China’s growth.

Official figures released on Sunday showed a nationwide decline in factory activity deepened in December, the third straight month of contraction.

Analysts have said Beijing may struggle to achieve its stated annual growth target of around five percent, the lowest such ambition in years.