Xi emphasized “vigorously promoting Chinese-style modernization,” calling it a “new model for human growth.” “Experience has proved that Chinese- style modernization is feasible, and it is the only correct path for building a strong country and rejuvenating the nation.
On 7th February 2023, Chinese President Xi Jinping held a policy speech with top Communist Party cadres and officials, a month before China’s annual parliamentary meetings known as the “Two Sessions,” where it will present its plans for how the country can move past the disruption of last year and return the economy to growth.
All the Politburo members, military commanders, fresh faces on the Central Committee, regional governors, and ministries attended the speech.
Dispelling the illusion that “modernization is equal to westernization,” Xi emphasized “vigorously promoting Chinese-style modernization,” calling it a “new model for human growth.”
Innovation must be prioritized to contribute to China’s overall national development, leading to a road to modernization that is more efficient than capitalism and in line with the Communist party’s agenda.
Furthermore, he stated that, “Experience has proved that Chinese- style modernization is feasible and stable, and it is the only correct path for building a strong country and rejuvenating the nation.”
Although China’s top-down governance system and iron-fisted Communist Party have allowed it to implement transformative economic policies, the economy has stagnated due to three years of strict COVID restrictions and government crackdowns on technology, private education, and real estate sectors.
China has to work towards boosting its economic activity this year. Xi underlined the need for increased guidance to help corporate organisations boost confidence and maintain social expectations.
Similarly, in his State of the Union Address, US President Joe Biden made a statement the same day by emphasizing the need to promote American sectors while praising recent government investments countering China’s ambitions.
“We are investing to make America strong. Investing in American innovation, in industries that will define the future, and that China’s government is intent on dominating,” Biden said. “We’re in the strongest position in decades to compete with China or anyone else in the world,” he said.
Also, he stated that his administration is “committed to work with China where it can advance American interests and benefit the world.” However, he also warned that “if China threatens our sovereignty, we will act to protect our country.”
In response to this, Foreign Ministry spokesperson Mao Ning stated that China does not fear competing with the U.S. but is “opposed to defining the entire China-U.S. relationship in terms of competition.”
Tensions between the U.S. and China have escalated in the past week after the U.S. detected and shot down an alleged Chinese spy balloon. China has denied it was an espionage device, saying it was conducting weather research.
