China’s Xi downplays need for rapid growth, proclaims Covid achievements

China’s President Xi Jinping kicks off the ruling party’s 20th National Congress — held once every five years — with an opening speech at the Great Hall of the People in Beijing on Oct. 16, 2022. The week-long event is expected to pave the way for him to stay on for an unprecedented third five-year term.

The country has recently shifted away from rapid growth and towards self-sufficiency in technology.

The opening ceremony of the Communist Party of China's 20th National Congress was held on Saturday. In his speech last year, he talked about China's economic growth.

On Sunday, Xi began his speech with more emphasis on China's "national rejuvenation" and opposition to Taiwan independence.

The country's Covid policy has achieved positive results in coordination with economic development, according to a brief mention by the president in the opening section. He did not say if the policy would continue.

The country returned to growth in 2020. Investment banks have slashed growth estimates for China because of the "zero- Covid" policy.

The country needs a solid technological foundation in order to achieve its goals, according to the president. He mentioned boosting the quality of China's manufactured products, as well as the country's capabilities in space transportation.

In Chinese, the president said that without solid material and technological foundations, they couldn't hope to build a modern socialist country.

The U.S. has increased its pressure on China. In order to maintain a U.S. edge in tech over China, the Biden administration has called China a strategic competitor.

Specific countries were not mentioned in the speech.

He said that the country would emphasize education for developing its own talent in science, and accelerate the launch of national projects with strategic and long-term significance. He didn't give any further information.

Growth plans weren't left out completely. The country will aim to boost productivity and make its supply chains more resilient.

The framework for the near term plan for China was laid out in the speech.

Building the world's second-largest economy and becoming a "major destination for global investment" are achievements already in the books, he said.

The Chinese Communist Party wants to build a moderately prosperous society and build a modern socialist country by 2049.

Adherence to the leadership of the Communist Party of China was the first requirement for Chinese modernization.

Achieving moderate wealth for all rather than just a few is on the list.

China has a plan to reach peak carbon emissions by the year 2030.

China renewed its emphasis on common prosperity last year, according to analysts. The measures on top of China's Covid controls have made foreign investors more cautious about the country's growth opportunities.

On Sunday, he talked about promoting a healthy environment. The country would encourage people to work hard and get rich. He said China would standardize the way wealth is accumulated.

He repeated previous statements about speeding up measures to encourage both house purchases and rentals in China, but did not address the country's ongoing troubles in real estate.

On the journey ahead, the leader called for commitment to the leadership, reform and opening up, as well as other principles.

After leading the Chinese Communist Party and the country over the past decade, he is expected to consolidate his power at the party's 20th national congress. The names of the new core team will be revealed next weekend.