Speaking online at the China International Fair for Trade in Services (CIFTIS) in Beijing, Xi Jinping said China will focus on expanding its domestic market, increasing imports of high-quality services and reforming the country's basic data system.
Chinese President Xi Jinping delivers a speech online at the media center of the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 2, 2023. Photo: REUTERS
The comments come as China's trade has slumped in recent months due to weaker demand, threatening the recovery prospects of the world's second-largest economy , prompting top leaders to offer further policy support.
China will promote the integrated development of high-end manufacturing and modern service industries, Xi Jinping said.
In mid-August, five investment banks including Morgan Stanley and JPMorgan simultaneously cut their forecasts for China's economic growth as they saw signs that the recovery was losing momentum.
Although Beijing lifted strict anti-COVID-19 measures earlier this year, the world's second-largest economy continues to struggle with a property crisis, falling exports and soaring youth unemployment.
Mai Van (according to CNA)
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