"Xi Jinping Acknowledges Economic Challenges in 2024 New Year Address"
In a rare admission, Chinese President Xi Jinping acknowledged economic difficulties in his New Year's Eve speech, citing challenges faced by businesses and job seekers. This marks the first time Xi has discussed such issues in his annual address since 2013. The National Bureau of Statistics reported a contraction in factory activity, with the official manufacturing PMI falling to its lowest level in six months. Amidst a broader economic slowdown, Beijing has introduced measures to stimulate growth and employment, while also taking a more statist approach to the economy. Additionally, Xi reiterated China's stance on Taiwan, emphasizing reunification ahead of Taiwan's presidential elections, and highlighted the removal of Jack Ma's controlling shares in Alipay as part of a broader crackdown on Big Tech.
