Finance
‘No challenges can stop China’s progress’ Xi Jinping says in 75th anniversary speech
China’s President Xi Jinping speaks during an awards ceremony at the Great Hall of the People in Beijing on Sept. 29, 2024, ahead of China’s National Day.
Adek Berry | Afp | Getty Images
BEIJING — Chinese President Xi Jinping said Monday that no challenges can stop the country from moving forward and reiterated Beijing’s reunification aims with Taiwan.
He was speaking at a reception commemorating the 75th anniversary of the People’s Republic of China, which was founded on Oct.1, 1949.
“The path ahead will definitely see challenges,” Xi said, before calling on the country to overcome uncertainties and risks. “No challenges can stop China’s progress.”
The comments were translated by CNBC from a Chinese state media broadcast.
The brief speech, aired during the state broadcaster’s daily evening news program, noted that Xi and other top Chinese leaders entered the reception shortly after 5 p.m. local time on Monday.
About 3,000 people, including foreigners, attended the event in Beijing, according to state media.
During his speech, Xi emphasized the need to unify under the Chinese Communist Party’s leadership and reiterated Beijing’s “firm opposition” to Taiwan “separatist” activities, while calling for both sides to increase economic and cultural cooperation.
He cast reunification with Taiwan as an inevitable development of history — something he has said previously.
Beijing considers the democratically self-ruled island as a part of its territory.
No mention of trade tensions
Tensions between China and the U.S. and Europe have increased over the last several years, with Western nations increasing tariffs and restrictions on Beijing’s access to advanced technology.
Xi did not mention specific countries or trade conflicts in his Monday speech, instead portraying China as upholding globalization. He broadly thanked “friendly” countries and supporters of China’s development.
He also emphasized Beijing’s claim to Greater China by saying “national rejuvenation” was the hope of Hong Kong, Macao, Taiwan and all Chinese peoples.
The Beijing leader added that China would “spur” the development of Hong Kong and Macao — both self-governed regions which are ruled by Beijing under the “one country, two systems” principle.
In a 2019 speech commemorating the PRC’s 70th anniversary, Xi had said that no force could sway China’s development, amid festivities involving a military parade and large-scale celebrations. Events for the 65th anniversary were more subdued.
Xi’s speech comes at a time of uptick in Chinese markets in recent weeks, with major mainland Chinese and Hong Kong stock indexes recently surging to their highest in more than a year after authorities announced plans to support economic growth. On Thursday, a high-level meeting led by Xi called for halting the real estate decline, and for strengthening fiscal and monetary policy.
While the People’s Bank of China has cut rates in the last week, the Ministry of Finance has yet to announce additional fiscal support.
‘The Big Money Show’ co-hosts discuss buy now, pay later spending options and the impact it will now have on your credit score.
Small, everyday purchases like a meal from DoorDash are now able to be financed through eat now, pay later options — a practice that some experts deem “predatory.”
“You’ve got to have enough sense to not follow the urge to finance a taco, okay? You have got to be an adult,” career coach Ken Coleman told “The Big Money Show,” Wednesday.
“This is predatory, and it’s going to get a lot of people in deep trouble.”
RISKS OF BUY NOW, PAY LATER: ‘TICKET TO OVERSPENDING,’ EXPERT SAYS
DoorDash and Klarna are now partnering up to extend buy now, pay later options to consumers. (Reuters, Getty / Getty Images)
Financial wellness experts are continuously sounding the alarm to cash-strapped consumers, warning them of the devastating impact this financial strategy could have on their credit score as some lenders will begin reporting those loans to credit agencies.
Consumers may risk getting hit with late fees and interest rates, similar to credit cards.
“So your sandwich might show up on your FICO score, especially if you pay for it late,” FOX Business’ Jackie DeAngelis explained.
EXPERTS WARN HIDDEN RISKS OF BUY NOW, PAY LATER
Major players like Affirm, Afterpay, and Klarna have risen to prominence at a time when Americans continue to grapple with persisting inflation, high interest rates and student loan payments, which resumed in October 2023 after a pause due to the COVID-19 pandemic.
Ramsey Solutions personal finance expert and ‘The Ramsey Show’ co-host George Kamel discusses the ‘buy now, pay later’ craze and the trend that celebrates the financial benefits of being childless.
“The Big Money Show” co-host Taylor Riggs offered a different perspective, suggesting that company CEOs have a “duty” to attract as many customers as they want.
“Unfortunately for me, this always comes down to financial literacy — which I know is so much in your heart about training people to save now by later,” she told Coleman, who regularly offers financial advice to callers on “The Ramsey Show.”
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Coleman continued to come to the defense of financially “desperate” consumers, arguing that companies are targeting “immature” customers.
“I’m for American businesses being able to do whatever they want to do under the law. That’s fine. But let’s still call it what it is: it’s predatory, and they know who their customers are,” Coleman concluded, “And I’m telling you, they’re talking about weak-minded, immature, desperate people.”
FOX Business’ Daniella Genovese contributed to this report.
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