Date: August 24, 2020
BEIJING (Reuters) – Chinese President Xi Jinping warned that the world’s second-biggest economy is facing a period of ‘turbulent change’ and that rising external markets risk required policymakers to increasingly rely on domestic demand to spur growth.
FILE PHOTO: Chinese President Xi Jinping attends the opening session of the Chinese People's Political Consultative Conference (CPPCC) at the Great Hall of the People in Beijing, China May 21, 2020. REUTERS/Carlos Garcia Rawlins
Xi, chairing a seminar on Monday with a group of policy advisors and state economists, discussed the country’s mid- to long-term economic trends in preparation for the drafting of the 14th Five-year plan.
The five-yearly economic blueprint is expected to be unveiled in the annual parliament meeting next year, and Xi said China must be prepared for “a period of turbulent change” as the coronavirus pandemic has accelerated protectionism, hammered the world economy and disrupted supply chains.
“In the coming period, we will face more and more headwinds in the external environment, and we must be prepared to deal with a series of new risks and challenges,” he said, according to comments released by state news agency Xinhua late Monday night.
Xi said the domestic market will “dominate the national economic cycle” in the future, but vowed to further open up China’s economy.
While Xi didn’t make direct references to intensifying U.S.-China tensions, he signaled China’s willingness to work on issues with the United States.
“We must actively cooperate with all countries, regions and enterprises who are willing to cooperate with us, including states, localities and enterprises in the United States,” he said.