Chinese President Xi Jinping has stressed support for the country’s vulnerable elderly and youth in a new year address that acknowledged the strains on some of the 1.4bn-strong population. Xi’s speech comes after his economic planners have for much of the past four years struggled to restore consumer confidence or address rising youth unemployment and slow wage growth.

Weeks before Trump takes office, the Chinese leader is seeking to shore up confidence that China’s economy can withstand threats.

Chinese President Xi Jinping was reportedly dismissive about the threat of deflation hitting the economy. While consumers can benefit from falling prices, persistent deflation can also lead to a downward spiral for spending and investment.