Xi Jinping makes economic-centric instructions to spur China’s growth

President Xi Jinping says China’s economic and technological development zones should focus on modernisation, innovation and internal dynamism

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Vice-Premier He Lifeng delivers a speech at a symposium marking the 40th anniversary of the establishment of China’s first group of state-level economic and technological development zones in northern China’s Tianjin on Sunday. Photo: Xinhua

Published: 6:30pm, 22 Oct 2024

President Xi Jinping has issued a slew of economic-centric instructions in the past week, at a time all eyes are watching Beijing’s stimulus package aimed at shoring up China’s economy.

The latest message from Xi was conveyed on Sunday in the northeastern city of Tianjin during an event to celebrate the 40th anniversary of China’s economic development zones.

During his inspection tours of Fujian and Anhui last week, Xi had also been seemingly seeking to gain a first-hand understanding of how the world’s second-largest economy is faring, and how a slew of recent policies are being implemented.

The push for development came as China’s economy is being weighed down by a mix of domestic challenges and global uncertainties, adding to concerns over meeting its annual growth target.

During his tour in Fujian, Xi invoked a spirit of “daring to be the first and striving to win”, while in Hefei in Anhui province, he quoted a famous saying: “How many times in life can one seize the moment to fight?”

The economy is under pressure, so that the [central] government really wants to mobilise the local government officials to take stronger initiatives

Zhang Zhiwei, Pinpoint Asset Management

Vice-Premier He Lifeng conveyed Xi’s instruction during a symposium marking the 40th anniversary of the first national level Economic and Technological Development Zone on Sunday.