Xi Jinping announces causes of crisis in global economy during Davos Agenda

The global economy is recovering from the crisis, but it is facing many constraints, inflationary risks are emerging, and production chains are chaotic, Chinese President Xi Jinping said as part of the virtual discussion "Davos Agenda" organized by the World Economic Forum (WEF).

According to him, there are risks of shortage of energy resources, and the uncertainty of the process of economic recovery is increasing. At the same time, prices for basic goods continue to rise.

The Chinese leader noted a marked change in the global low inflation situation, and emerging complex inflationary risks. At the same time, the Chinese authorities are fully confident in the prospects for the country's economic development.

Xi said the overall trend of China's economic development is good, last year GDP growth was about 8%, and the double target of relatively high growth and relatively low inflation has been achieved.

Despite numerous local outbreaks of coronavirus infection, problems in the real estate market and the energy crisis, China's GDP in 2021 grew by 8.1% compared to 2020, which turned out to be higher than the official forecast.