In his annual New Year’s address on Tuesday, Chinese leader Xi Jinping reportedly endeavored to instill confidence in Beijing’s ability to navigate an economic transition and withstand foreign pressure, just weeks before Donald Trump is scheduled to return to the White House.
In contrast to the international investment community’s skepticism that Beijing is addressing its debt overhang and sagging consumption in anticipation of what could be a new trade war with the United States, Xi stated that the nation’s economy is on “an upward trajectory” and that the government has extensive international ties to mitigate challenges.
Despite its lack of specificity, the address represents one of Xi’s most prominent messaging opportunities prior to Trump’s inauguration.
Since his inaugural year in office in 2013, Xi has delivered his annual address from a polished wooden desk in the Beijing leadership compound.
Despite the fact that it typically only offers a glimpse of the leader’s thoughts, it garners substantial media attention.
In previous years, the media focused on the books and photographs arranged behind Xi and the items on his desk, such as telephones.
However, this year’s 10-minute address did not provide any glimpses of personal items, as if to emphasize the gravity of the occasion. His background consisted solely of a painting of the Great Wall and the flag of China.
The nation’s self-sufficiency was exemplified by a panorama of video clips that were presented during Xi’s speech.
The clips showcased semiconductor manufacturing, aircraft assembly, and grain harvesting in China, despite the pressure from Western nations to isolate the country from supply chains for advanced technology.
In contrast to previous years, Xi was not depicted during his address during a one-on-one meeting with foreign leaders, including Russian President Vladimir Putin.
However, Xinhua News Agency reported that the two leaders had exchanged New Year’s greetings earlier.
As per Xinhua, Xi informed Putin that their strategic coordination and mutual trust are conducted in a manner that is “nonalliance, nonconfrontation, and not targeting any third party,” which is likely a reference to the United States.
The immediate concern is tariffs. During his campaign, Trump advocated for the imposition of 60% tariffs on Chinese imports and announced in November that he would increase the current taxes on these products by 10%.
Xi had also previously expressed a willingness to collaborate with Trump in remarks to President Biden in South America in November.
However, the Chinese leader also issued warnings, which are defined as four red lines.
These red lines include refraining from undermining the Chinese Communist Party or stifling China’s development.
Since the Covid-19 pandemic, China’s economic confidence has suffered a significant decline, largely due to Xi’s reluctance to address economic risks through the central government stimulus that Beijing implemented in late 2009 to combat the global financial crisis.
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