“No challenge can stop China’s progress,” Xi Jinping says in 75th anniversary speech

BEIJING — Chinese President Xi Jinping said Monday that no challenge can stop the country from moving forward and reiterated Beijing’s reunification goals with Taiwan.

He was speaking at a reception commemorating the 75th anniversary of the People’s Republic of China, which was founded on October 1, 1949.

“The way forward will certainly have challenges,” Xi said, before calling on the country to overcome uncertainties and risks. “No challenge can stop China’s progress.”

The comments were translated by CNBC from a Chinese state media broadcast.

The short speech, broadcast on the state broadcaster’s daily evening news programme, noted that Xi and other top Chinese leaders entered the reception shortly after 5pm local time on Monday.

About 3,000 people, including foreigners, attended the event in Beijing, according to state media.

During his speech, Xi stressed the need for unification under the leadership of the Chinese Communist Party and reiterated Beijing’s “firm opposition” to “separatist” activities in Taiwan, while calling on both sides to step up economic and cultural cooperation.

He presented reunification with Taiwan as an inevitable development of history – something he has said before.

Beijing considers the democratically autonomous island as part of its territory.

Tensions between China and the US and Europe have risen in recent 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 speech on Monday, instead describing China as supporting globalization. He widely thanked “friendly” countries and supporters of China’s development.

He also emphasized Beijing’s claim to Greater China, saying “national rejuvenation” is the hope of Hong Kong, Macau, Taiwan and all Chinese peoples.

The Beijing leader added that China would “rip off” the development of Hong Kong and Macau – both self-governing regions that are run by Beijing under the principle of “one country, two systems”.

In a 2019 speech commemorating the 70th anniversary of the PRC, Xi said no force can influence China’s development, amid festivities involving a military parade and large-scale celebrations. The events for the 65th anniversary were more modest.

Xi’s speech comes as Chinese markets have rallied in recent weeks, with major stock indexes in mainland China and Hong Kong recently hitting their highest level in more than a year after authorities announced plans to support economic growth. On Thursday, a high-level meeting chaired by Xi called for halting the housing slump and strengthening fiscal and monetary policy.

While the People’s Bank of China has cut interest rates in the past week, the Ministry of Finance has yet to announce additional fiscal support.