‘Two sessions’ 2024: Xi Jinping says while China pursues ‘new productive forces’, it must avoid economic bubbles
- Chinese President Xi Jinping speaks at a panel discussion of the Jiangsu province delegation during the 14th National People’s Congress
- Xi also says that ‘promoting new productive forces doesn’t mean neglecting or giving up traditional industries’
Chinese President Xi Jinping warned on Tuesday that the promotion of new productive forces as growth catalysts must not give rise to economic bubbles or unfettered expansion as Beijing seeks to build momentum in solidifying the nation’s recovery.
However, Xi warned, “we must prevent local rush and oppose irrational, blind investments that create bubbles”.
He also noted that “promoting new productive forces doesn’t mean neglecting or giving up traditional industries”.
02:40
Chinese Premier Li Qiang delivers his first work report amid concerns about state of the economy
Beijing is devoted to upgrading China’s economy and pushing it ahead in the global hi-tech race, but overcapacity issues have already drawn responses from the European Union and the United States.