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The lack of innovation is the Achilles heel for the Chinese economy, says Xi



BEIJING (Reuters) – The lack of innovation is China's Achilles' heel, President Xi Jinping warned in an article in which state media was heavily emphasized on Thursday, where he also surprised the economy because he is still big and not strong .

Chinese President Xi Jinping raised his glass and offered a toaster after welcoming the banquet after attending the Great Hall of People in Beijing, China, in April. 2019 January 26 Nicolas Asfour / Pool through REUTERS

Month of January. In a speech, Xi's comments, contained in the latest Communist Party's influential bipolar two-year-long Qiu Shi, were published a year later in the Xi Language Set.

In this work, which has been re-published because the economy is facing tensions during a long trading war with the United States, Xi looks at immature problems in the country.

"Although our economy has been ranked second in the world, it is big, not strong, and its bulging and weakness is quite pronounced," Xi said.

"This is mostly reflected in the lack of innovation capacity that is the" Achilles' heel "of our economy."

China's technological excellence is still at the end of the low global value, and the country's "science and technology" reserves are insufficient.

"The environment in which we open and develop today is generally more favorable than ever. At the same time, the contradictions, risks and games we face are unprecedented. If we are not careful, we can get into the traps captured by others.

Xi has repeatedly promised to open up the Chinese economy, including the promise of a major party meeting in 2013. Allow markets to play a "decisive" role in the economy, but also called for stronger and larger state-owned enterprises.

The lack of access for foreign companies was one of the problems of the current US trade with China, and the complaint was reiterated by the largest trading partner of the European Union, China.

Language reproduction occurred when the Trump administration suffered severe Huawei sanctions on Wednesday and banned Chinese telecommunications giants from buying US company components and technologies without prior US government approval.

On Thursday, this article was widely taken from other public media, probably due to the propaganda ministry's orders to maximize exposure and readership.

In the explanatory note accompanying the reprint of the language, Qiu Shi also made a direct reference to the war on trade with the United States, which set the tariffs of both parties for each other's imports, and suggested that there should be no cause for danger, a report that China repeatedly submitted.

"The whole party must be ready to make harder and heavier efforts and make great struggles," he said twice a month.

"The Chinese economy is full of strength and resistance. The long-term positive trend has not changed and will not change. We are confident that we will be able to cope with various risks and challenges, including China's and the US's economic and trade weaknesses.

Ben Blanchard Report; Editing Michael Perry

Our Standards: The Principles of Thomson Reuters Trust.

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