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The original was posted on /r/worldnews by /u/thelastlib on 2024-01-02 15:47:03.
Xi Jinping rings in 2024 with rare admission that China’s economy is in trouble | CNN Business
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.cnn.com/2024/01/01/economy/xi-jinping-new-year-address-economy-intl-hnk/index.html
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
China’s businesses are struggling and job seekers have trouble finding work, President Xi Jinping acknowledged during his Sunday New Year’s Eve speech.
China’s economy has been plagued by a set of problems this year, including a prolonged property downturn, record high youth unemployment, stubbornly weak prices and mounting financial stress at local governments.
Beijing is scrambling to revive growth and spur employment, having rolled out a flurry of supportive measures last year and vowed to step up fiscal and monetary policy in 2024.
On Saturday, the People’s Bank of China announced that it had approved an application to remove controlling shareholders at Alipay, the ubiquitous digital payment platform run by Jack Ma’s Ant Group.
Xi also pledged that the Chinese mainland would be “reunified” with Taiwan, reiterating Beijing’s long-held stance on the self-ruled island democracy, with a strongly worded comment ahead of a crucial election there.
Taipei has accused the party of running influence operations ahead of the election, where current Vice President Lai Ching-te, a candidate openly loathed by Beijing, has been seen as a frontrunner.
The original article contains 727 words, the summary contains 175 words. Saved 76%. I’m a bot and I’m open source!