Chinese President Xi Jinping addressed the BRICS group during a summit in South Africa on August 22, asserting China's economic resilience and reaffirming its commitment to long-term growth, Reuters reported.
During the BRICS summit in South Africa, China's President Xi Jinping conveyed his confidence in China's economic stability and its potential for sustained growth.
"The Chinese economy has strong resilience, tremendous potential and great vitality,"
Xi said. The statements were delivered through Chinese Commerce Minister Wang Wentao during a business forum at the summit. Xi noted that despite recent economic challenges, China's fundamental economic strengths remained unchanged, positioning the country for long-term growth.
These remarks come in the context of a Chinese economy that has been grappling with a slowdown, including factors like a property market decline, subdued consumer spending, and reduced credit growth. Xi's statement aims to reassure both domestic and international audiences that China's economy is equipped to weather these challenges and continue its growth trajectory.
Xi highlighted key advantages that China holds, including its expansive market size, well-established industrial system, and a skilled labor force. He expressed confidence that these factors would enable China's economy to not only recover but also to advance. To navigate the ongoing challenges, Xi signaled the government's readiness to implement policy stimuli to support the economy.
"The giant ship of the Chinese economy will continue to ride the wind, cleave waves, and forge ahead,"
Xi mentioned.
The address comes in the wake of international scrutiny of China's economic reporting transparency. The United States criticized China for reducing transparency in its economic data reporting, and for taking action against firms that had been providing such data. The U.S. labeled China's behavior as irresponsible, adding a layer of complexity to China's economic relations with global partners.
Scheduled from August 22 to August 24, the 15th summit of the BRICS group, comprising Brazil, Russia, India, China, and South Africa, will convene in Johannesburg, Daryo reported earlier. The gathering spotlights the bloc's global significance and the increasing interest from other nations to join its ranks.
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