In a rare admission during his New Year's speech, Chinese President Xi Jinping acknowledged the economic challenges facing China. He spoke about the country grappling with a slowdown characterized by weak demand, rising unemployment, and diminished business confidence.
"Some companies are struggling. Some people are having difficulty finding jobs and meeting basic needs. All of this concerns me," Xi stated, as reported by state media and CNN.
This acknowledgment is notable as it marks the first time Xi has mentioned economic problems in his New Year's address since he started delivering them in 2013.
Additionally, just hours before Xi's speech, China's National Bureau of Statistics released data showing that factory activity in December had dropped to its lowest level in six months, marking the third consecutive month of decline.
In his speech, Xi Jinping also reiterated China's long-standing position on Taiwan, promising reunification of the mainland with Taiwan.
This statement comes just two weeks before Taiwan's presidential election, highlighting the ongoing tension and political significance of the Taiwan issue in Chinese politics.
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