Chinese President Xi Jinping said that domestic demand should be increased for economic growth.
Addressing the Chinese Communist Party (CCP) and non-party members, Xi made evaluations about the country’s economy, according to Xinhua’s report.
Noting that domestic demand should be increased effectively for economic growth, Xi drew attention to the importance of “implementing a new development strategy” in all sectors.
Stressing that the economy needs to be improved for the rest of the year, Xi said that the Chinese economy is facing new challenges due to insufficient domestic demand and high risks in key sectors.
According to the latest economic data released by China, growth in the country’s economy fell short of market expectations on an annual basis in the second quarter.
The International Monetary Fund (IMF) announced on July 13 that the Chinese economy had slowed due to low investment, weak exports and declining domestic demand, after a strong performance in the first quarter with the reopening.
At the National People’s Congress held in March, the Chinese government announced a growth target of around 5 percent for this year.