Chinese leader Xi Jinping used his New Year’s address to project confidence amid Beijing’s economic challenges and growing tensions with the U.S., emphasizing resilience and a commitment to overcoming adversity. Xi acknowledged external uncertainties impacting China’s economy but reassured the nation of its strength through hard work. However, 2025 presents significant hurdles, including slowing growth, youth unemployment, and a spiraling property crisis, with 2024 growth unlikely to meet the 5 percent target. Beijing has responded with stimulus measures like property sector support and a $1.4 trillion package for local government debt, yielding modest improvements, such as the World Bank slightly raising its 2024 growth forecast to 4.9 percent. Despite these efforts, China faces uncertainty from potential trade conflicts with the U.S. and escalating cross-strait tensions with Taiwan. Continue here.
