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Lack of innovation is "Achilles' ness" for the Chinese economy, says Ci



BEIJING (Reuters) – Lack of innovation is "Achilles conspiracy" in China, warns President Jinping in an article that was put forward by the state media on Thursday, where he also complained about the fact that the economy is still high not being strong.

Chinese President Xi Jinping raises the glass and suggests signing at the end of his speech during the greetings after the ceremony of presenting the leaders participating in the Belt and Road forum at the Great Hall of the People in Beijing, China on March 26, 2019. Nicholas Asfur / Poole through REUTERS

Remarks Ci, set out in the last issue of the influential two-month Tsu Shi theoretical journal, the ruling Communist Party, were made in a speech in January 2016 and the first collection of the C's speeches was published a year later.

In a work re-published when the economy faces tension during a long-standing trade war with the United States, Ce takes a silent glance at the challenges faced by the country.

"Although our economy has moved to the second place in the world, it is large and not strong, and its inflammation and weakness are quite noticeable," Ci said.

"This is largely reflected in the lack of power in innovation, which is" Achilles' "in this economy."

China's technological prowess is still on the lower end of the global chain of values, and the "reserves" that the country has for science and technology are still far away, he added.

"The environment in which we today open and develop, in general, is more favorable than ever. At the same time, the contradictions, risks and games we face are unprecedented. If we do not care, we can fall into the traps set by others. "

Si has repeatedly promised to open up the Chinese economy, including a vow at a key party meeting in 2013 to allow markets to play a "decisive" role in the economy, but also called for stronger, larger state-owned firms.

Lack of market access for foreign firms was one of the reasons for the current US trade dispute with China, complaints reaffirmed by the European Union, the largest trading partner of China.

A reprint of the statement took place when the Trump administration hit Huawei with serious sanctions on Wednesday, forbidding the Chinese telecommunications giant to buy components and technology from US firms without the prior approval of the US government.

The article on Thursday was widely picked up by other state media, most likely by the order of the ministry of propaganda, in order to ensure the maximum impact on the reader's audience.

In the explanatory part accompanying the reprint, Qi Shi also referred directly to the trade war with the United States, which saw that both countries set import tariffs for each other and suggested that there was no reason to alarm the message of China repeatedly nominated

"The entire party should be ready for more intense and harder efforts and to carry out a great struggle," says the two-month publication.

"The Chinese economy is full of strength and sustainability. The long-term positive trend has not changed and will not change. We are confident that we will be able to cope with various risks and challenges, including Sino-US economic and trade disputes. "

Reporting Ben Blancard; Editing Michael Perry

Our Standards: Thomson Reuters Trust Principles.

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