Xi tells China's firms to be more patriotic

BEIJING • Chinese companies should be more patriotic and also enhance their ability to expand overseas as China strives to make up for economic losses caused by the coronavirus pandemic, President Xi Jinping said yesterday, according to state broadcaster China Central Television (CCTV).

China's economic recovery so far and epidemic control efforts have been better than expected, 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 macro-economic policies more targeted and timely, according to the report.

The authorities will also continue to cut taxes, administrative fees, rent and rates to help businesses, he said.

China's economy grew by 3.2 per cent in the second quarter of this year.

The world's second-largest economy had shrunk by 6.8 per cent in the first three months of the year.

However, unexpected weakness in domestic consumption underscored the need for more policy support to bolster the economic recovery.

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

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, he added.

REUTERS