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.
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Tens of millions of private-sector workers lack access to a retirement savings plan through their employer, which experts at the AARP Public Policy Institute warn could pose a significant burden to future taxpayers.
The institute estimates that 57 million private sector workers in the U.S. – about half of the workforce – are not offered either a traditional pension or a retirement savings plan through their employer, a problem that has persisted for decades, according to David John, senior strategic policy adviser at AARP.
In April, an AARP survey showed that 20% of adults at least 50 years old had no retirement savings, and more than half were worried they would not have enough money to support them in retirement.
John said that individuals in their 50s or early 60s who are facing retirement without enough savings are in the midst of a crisis.
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For society as a whole, he said, “It’s not a crisis right now, but it’s pretty inevitable that it will be.”
“It’s a really significant problem, and it’s one that’s going to affect all of us, because if we’re not the ones with the small retirement savings to supplement Social Security, we’re going to be the ones who are paying the taxes to help the people who didn’t have that opportunity,” John said.
An AARP survey showed that 20% of adults at least 50 years old had no retirement savings. (Annette Riedl/picture alliance via Getty Images / Getty Images)
If many people lack adequate retirement savings, they will likely require more forms of public assistance – from nonprofit organizations or government programs. This could include support for health care needs, housing or other essential services.
To help, more than a dozen states have already set up or are in the process of implementing state-facilitated retirement savings plans for small businesses, according to John.
Small businesses are more likely not to provide retirement savings benefits to employees compared to larger corporations. Pew Charity Trusts cited Bureau of Labor Statistics data showing that 57% of private-sector firms with fewer than 100 workers offered a retirement benefit plan as of 2023. However, 86% of companies with at least 100 workers and about 91% of firms with at least 500 workers did.
For small businesses, their main focus is often on staying afloat, leaving little time or resources to handle such tasks. But these state programs, such as CalSavers, California’s retirement savings program for workers who do not have a way to save for retirement at work, are a way to help that does not have any cost to a small business.
More than a dozen states have already set up or are in the process of implementing state-facilitated retirement savings plans for small businesses. (iStock / iStock)
Greg McBride, chief financial analyst for Bankrate, told FOX Business that the bigger issue is that most workers don’t recognize that they can still contribute to a retirement account independently, without relying on their employer.
“Something lost on consumers is that lack of access to a retirement savings plan through your employer doesn’t mean that you can’t save for retirement on a tax-advantaged basis,” McBride said.
If someone or their spouse with whom they jointly file taxes with has an earned income, they are eligible to contribute to an Individual Retirement Account (IRA), which provides tax advantages for retirement savings.
It’s estimated that 57 million private sector workers in the U.S. are not offered either a traditional pension or a retirement savings plan through their employer. (iStock / iStock)
According to the IRS, there are several types of IRAs available, including a traditional IRA, a tax-advantaged personal savings plan where contributions may be tax-deductible, and a Roth IRA, a tax-advantaged personal savings plan where contributions are not deductible but qualified distributions may be tax-free.
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While McBride said the “lack of employee-sponsored retirement savings isn’t a barrier to saving for retirement,” he did acknowledge that it is harder. There is no employee match and there are lower contribution limits for IRAs compared to workplace-based plans, according to McBride.
Still, he doesn’t believe enough workers are taking advantage of these accounts.
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