Lai’s election rivals include Hou Yu-ih from the more China-friendly Kuomintang party, and Ko Wen-je from the Taiwan People’s Party.
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Economic reform
The government has in recent months announced a series of measures to shore up China’s feeble post-pandemic economic recovery, which is being held back by a property slump, local government debt risks and slow global growth.
In his speech, Xi said China would deepen reforms to shore up confidence in the economy.
Xi said China will “consolidate and enhance the positive trend of economic recovery, and achieve stable and long-term economic development,” Xi said.
“We must comprehensively deepen reform and opening up, further boost confidence in development, enhance economic vitality, and make greater efforts to promote education, promote science and technology, and cultivate talents.”
Exports had been a key source of growth for China during the pandemic, but muted global demand has weighed on shipments in 2023.Credit: AP
Xi voiced his concerns over difficulties facing some firms’ operations and the hardship facing some people in employment and their daily lives, and the impact of natural disasters such as floods and earthquakes in some regions.
China will promote high-quality development and balance development and security in a well-coordinated way, Xi added.
Analysts expect China’s economic growth to hit the official target of around 5 per cent this year, and Beijing is expected to maintain the same target next year.
Earlier this month, top Chinese leaders met and laid out economic plans for 2024, pledging to take more steps to support the recovery. The central bank has pledged to step up policy adjustments to support the economy and promote a rebound in prices, amid signs of rising deflationary pressures.
AP, Reuters
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