China's Xi Jinping strikes bullish tone in speech to mark Lunar New Year

Ahead of the Lunar New Year, Chinese leader Xi Jinping acknowledged the country's economic struggles, including slow recovery from the pandemic, a property crisis, and high youth unemployment. Despite a 5 per cent GDP growth in 2024, the slowest since 1990, Xi highlighted efforts to boost recovery, including interest rate cuts and subsidies. However, experts warn of continued challenges, including potential US tariffs and weak domestic consumption. Many citizens remain cautiously hopeful about improvements in trade and employment during the upcoming year.