Xi-Chinese Economy Still Faces Many Challenges

MNI (London)-Comments from President Xi Jinping being reported by Chinese state media: Xi-'We will strive to achieve overall improvement in economic operations.' Xi: 'We will further guide business entities to strengthen confidence and stabilise expectations'. Xi: 'The Chinese economy still faces many challenges'.

• Xi's comments come as the Chinese economy continues to rebound following the removal of the zero-COVID policies that had been in place previously.
• Late last week,the IMF reportedthat "The economy will expand 5.2 percent this year, according to our latest projections, versus 3 percent last year. That’s good news for China and the world as the Chinese economy is now expected to contribute a quarter of global growth this year. Even so, China still faces significant economic challenges. The contraction in real estate remains a major headwind, and there is still some uncertainty around the evolution of the virus. Longer-term, headwinds to growth include a shrinking population and slowing productivity growth."