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Xi says China will not return to planned economy

May 23, 2020 | 🚀 Fathership
Chinese President Xi Jinping said he won't let the world's second-largest economy return to its days as a planned economy, pushing back against U.S. criticism that the nation has failed to deliver on promised reforms.

"We've come to the understanding that we should not ignore the blindness of the market, nor should we return to the old path of a planned economy," Xi told political advisers gathered in Beijing for their annual legislative sessions on Saturday, according to the official Xinhua news agency.

He reiterated the government's stance that markets should play a "Decisive role" in the economy.

Xi said the virus has put considerable pressure on China's economy, and the country should seek "Development in a world that is increasingly unstable and uncertain" as he listed risks ahead including a deepening global recession, a significant drop in trade investment, financial market turmoil, reduced international interactions and rising geopolitical tensions.

Xi didn't address the legislation in his speech, but stressed that China should "Stand on the right side of history," adhere to multilaterism and maintain an "Open, cooperative" attitude despite rising protectionism.