Xi Jinping Acknowledges Economic Challenges in 2024 New Year Message

In a rare admission, Chinese President Xi Jinping acknowledged economic difficulties in his New Year's Eve speech, citing challenges faced by businesses and job seekers. This marks the first time Xi has discussed such issues in his annual address since 2013. The National Bureau of Statistics reported a decline in factory activity, with the manufacturing PMI at its lowest in six months. Amidst a broader economic slowdown, Beijing has introduced measures to stimulate growth and employment, while also taking a more statist approach to the economy. Additionally, Xi reiterated China's stance on Taiwan, emphasizing reunification ahead of Taiwan's presidential elections, and highlighted the removal of Jack Ma's control over Alipay as part of a broader crackdown on Big Tech.