Key Takeaways:
– President Xi Jinping addresses at the 75th-anniversary meeting, emphasizing China’s resolve to face challenges.
– Xi stresses Beijing’s reunification ambitions with Taiwan and revives the concept of “national rejuvenation”.
– No specific mention of ongoing trade disputes in his speech.
– China’s president advocates for economic growth amidst a surge in Chinese market indices.
The Gathering and Speech
Chinese President Xi Jinping, on September 29, 2024, sent a strong message to observers worldwide from the Great Hall of the People in Beijing. Addressing a gathering of around 3,000 people on the eve of the 75th anniversary of the founding of the People’s Republic of China (PRC), he announced, “The path ahead will definitely see challenges, but no challenges can stop China’s progress”.
Xi’s speech came across as optimistic and defiant, calling on the country to overcome uncertainties and risks. He emphasized unity under the Chinese Communist Party’s leadership, painting China as a pillar of globalization. He also expressed gratitude towards nations extending friendship and support to China’s development.
Xi Jinping on Taiwan
A noteworthy aspect of Xi’s address was his resolute stance on Taiwan. Igniting Beijing’s long-held reunification desires, he reiterated a firm opposition to any “separatist” activities by Taiwan. He urged both sides to strengthen economic and cultural cooperation. Xi cast reunification with Taiwan as an inevitable part of history, reflecting what he has repeatedly emphasized in the past.
Even though Taiwan has a democratic government, Beijing claims the island as part of its territory. Continual efforts are being made to increase economic and cultural engagement between the two sides.
Staying Clear of Trade Tensions
Interestingly, amidst escalating tensions between China, the US, and Europe, the president did not mention specific countries or trade conflicts. Over the past few years, tariffs and restrictions from Western countries on Beijing’s access to advanced technology have strained relations. Nonetheless, Xi steered clear of these topics in his address and emphasized China’s commitment to globalization instead.
The Concept of National Rejuvenation
Xi Jinping revived the concept of “national rejuvenation,” stating it as the hope of Hong Kong, Macao, Taiwan, and all Chinese peoples. This term communicates Beijing’s claim to Greater China. Xi asserted that China would stimulate the growth of Hong Kong and Macao. Both regions are self-governed but operate under Beijing’s rule under the “one country, two systems” principle.
Economic Landscape and Future
Xi’s address comes during a surge in Chinese markets. Local and Hong Kong stock indexes have recently peaked after authorities announced plans to support economic growth. A high-level meeting led by Xi last Thursday suggested arresting the real estate decline and strengthening fiscal and monetary policies. Even though the People’s Bank of China cut rates last week, the Ministry of Finance is yet to announce additional fiscal support.
This speech is a reminder of the one given by Xi marking the PRC’s 70th anniversary. Then, Xi had declared that no force could sway China’s development. As the country prepares to commemorate the 75th anniversary of the People’s Republic of China, it stands resolute on overcoming any hurdles in its pursuit of progress and development.
China continues to stride ahead amidst growing challenges, the date serving as a proud reminder of China’s journey, mirroring the country’s resolve and undeterred spirit to a global audience.