Chinese President Xi Jinping made a rare statement Wednesday about his country’s aims to achieve its economic targets for the year.
During his speech, Xi said China has coordinated both Covid control and economic development, and would protect people's lives and stabilize the economy as much as possible.
Xi said China's 20th National Party Congress in the second half of the year would"chart the course for the next phase of China's development." He added that China would continue to open up its economy and welcome foreign investment. The ruling Communist Party of China reshuffles its top leadership at national congressional meetings every five years. Xi is expected to stay on as president in an unprecedented third term.Separately on Wednesday, Premier Li headed a meeting of the State Council — the top executive body — that noted the importance of consumption for driving economic growth.
The meeting called in particular for measures to support auto sales, and estimated a boost of 200 billion yuan to auto-related sales this year as a result.Correction: This story has been updated to reflect Bank of America was the latest bank to trim its China GDP forecast. A previous version did not account for that cut.
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