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Economy

China's president faces even bigger challenges in his second term

Xi must tackle a range of problems, from overcapacity to overdue reforms

President Xi Jinping makes a speech at the Chinese Communist Party's National Congress in Beijing on Oct. 18. (Photo by Akira Kodaka)

BEIJING Despite the economic successes highlighted in his address to key Communist Party members, Chinese President Xi Jinping faces a daunting set of challenges -- ranging from soaring property prices to industrial overcapacity -- as he begins his next five years at the country's helm.

Xi's work report to the party's twice-a-decade National Congress on Oct. 18 painted a rosy picture of the economy. He noted China's gross domestic product has become second in the world, the country has experienced a digital economic revolution and the Belt and Road initiative to build an economic sphere of influence throughout Asia has taken off.

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