China's Xi Jinping hails the country’s resilient economy in a New Year's speech

China’s President Xi Jinping said on Sunday that the Chinese economy had grown more resilient and dynamic in 2023, despite economic numbers that continue to disappoint as the post-Covid recovery stalls. 

Key quotes

“China will "consolidate and enhance the positive trend of economic recovery and achieve stable and long-term economic development.”

"We must comprehensively deepen reform and opening up, further boost confidence in development, enhance economic vitality, and make greater efforts to promote education, promote science and technology, and cultivate talents.”

“China will promote high-quality development and balance development and security in a well-coordinated way.”

Market reaction

At the time of writing, the AUD/USD pair is trading around 0.6807, down 0.07% on the day.