Be more patriotic, China’s Xi tells companies as targets economic upturn


Chinese companies should be more patriotic as well as enhancing their ability to expand overseas, as the country strives to make up economic losses caused by the coronavirus epidemic, President Xi Jinping said on Tuesday, according to state TV.

China’s economic recovery so far and epidemic control efforts have been better than expected, China Central Television cited Xi as saying in a meeting with corporate representatives from Hikvision (002415.SZ), Goertek (002241.SZ), Panasonic China (6752.T) and others.

Xi said the government will target a good growth rate this year, making fiscal policy more proactive, prudent monetary policy more flexible, and macro-economic policies more targeted and timely, according to the report. Authorities would also continue to cut taxes, administrative fees, rent and rates to benefit businesses.

The economy returned to growth in the second quarter after a deep slump at the start of the year, but unexpected weakness in domestic consumption underscored the need for more policy support to bolster the recovery after the shock of the coronavirus crisis.

In the face of rising protectionism, a slowing world economy and shrinking global demand, Beijing would fully take advantage of its huge domestic market.

It will also press ahead with reforms in keeping with the historical trend of economic globalisation, and companies should understand international rules and fend off risks in international markets, said Xi.