China’s economy grew 3% last year – one of its feeblest rates in nearly half a century – weakened by ultra-strict COVID-19 policies championed by President Xi, but the measures were lifted in December, after which the highly transmissible Omicron strain rapidly spread across the country.
China’s development still faces triple pressures including demand contraction, supply shock and weakened expectations, the Communist Party’s Central Committee said in a communique after a major three-day gathering, according to the official Xinhua News Agency.
China’s “rejuvenation” must be guided by Xi and the Central Committee as national governance is being “modernised”, the committee said in the communique but it offered no details.
“It is necessary to fully, accurately and comprehensively implement a new development concept,” the committee, the largest of the party’s top decision-making bodies, said.
More than 200 members of the Central Committee discussed a draft of reforms to party and state organisations that will be examined at an upcoming session of the National People’s Congress, China’s legislature.
The Central Committee also approved a proposed list of leadership candidates to be recommended at the annual meeting of the largely rubber-stamp parliament, due to open at the Great Hall of the People in the heart of Beijing on Sunday.
At the parliamentary meeting, lawmakers are expected to endorse the next line-up of top government posts in the Cabinet to be headed by a new premier for the next five years.
Xi is also widely expected to secure his third five-year term as president, after clinching a precedent-breaking third party leadership term in October last year.
Xinhua on Sunday praised Xi’s attention to the masses and their livelihoods.
“The leader of the people does not fail the people, and hundreds of millions of people love their leader!” the news agency declared in an article.
Source: Economy - investing.com
