China’s Pres. Xi: Lack of innovation is 'Achilles heel' for China's economy

Reuters reports the previous comments delivered by the Chinese President Xi and carried by the latest issue of the ruling Communist Party’s influential bimonthly theoretical journal Qiu Shi on Thursday.

Key Quotes:

“Though our economy has vaulted to second place in the world, it is big and not strong, and its bloatedness and frailty are quite prominent,”

“This is mainly reflected in the lack of strength in innovation ability, which is the ‘Achilles heel’ of this lug of an economy of ours.”

“The environment in which we open up and develop today is generally more favorable than ever. At the same time, the contradictions, risks, and games we face are unprecedented. If we are not careful, we may fall into the traps set by others.”