Chinese President Xi Jinping vowed “unwavering” support for the country’s private sector, the latest response from Beijing to concern over the outlook for the economy.
“Any words and practices that negate and weaken the private economy are wrong,” Xi said in a letter to private entrepreneurs, Xinhua News Agency reported Sunday. “Supporting the development of private enterprises is the Party Central Committee’s consistent policy,” Xi said.
China has been facing increasing headwinds this year, including trade tensions with the U.S. and a slumping stock market. The economy grew at the slowest pace since early 2009 in the third quarter, while the stock market has lost more than $3 trillion in value since late January.
Source: Bloomberg Finance L.P.
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