Be more patriotic, China's Xi Jinping tells companies as country tries to boost economy

President Xi Jinping said the government will target a good growth rate this year. PHOTO: AFP

BEIJING (REUTERS) - Chinese companies should be more patriotic as well as enhance their ability to expand overseas as the country strives to make up economic losses caused by the coronavirus pandemic, President Xi Jinping said on Tuesday (July 21), according to the state broadcaster.

China's economic recovery so far and epidemic control efforts have been better than expected, China Central Television (CCTV) cited Mr Xi as saying in a meeting with corporate representatives from Hikvision, Goertek, Panasonic China and others.

Mr Xi said the government will target a good growth rate this year, making fiscal policy more proactive, prudent monetary policy more flexible, and macroeconomic policies more targeted and timely, according to the report.

The 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 Mr Xi.

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