That's the headline at the Economic Times (India). I don't think President Xi is referring to any specific thing, this is the third time since 2019 he has mentioned both the Gray Rhino and Black Swan in the same speech.
From the ET, July 25:
Addressing the third Plenary Session of the 20th CPC Central Committee, Chinese President Xi Jinping took a tough stance to counter the Western pressures led by the US in the economic field as well as security, particularly in the Taiwan Strait and South China Sea.
Releasing a document during the third Plenary Session of the 20th CPC Central Committee, Chinese President Xi Jinping warned his countrymen to be prepared for “black swan” and “gray rhino” risks, reports Xinhua. Emphasizing that the world is experiencing an extreme transformation, and increasing regional conflicts, he is supposed to have indicated that China may face a crisis as well. According to MSN, by “black swan” Xi Jinping meant an unexpected event with significant consequences, while a “gray rhino” is a foreseeable risk often overlooked. He first used these terms in January 2019, when China’s economic growth rate plummeted to 6.6%, the lowest in the last 28 years.
China braces for strategic challenges
These terms are related not only to economic crises but strategic issues as well. He might have hinted at the Taiwan crisis and the South China Sea, which is slowly becoming a major security and geostrategic hotspot.
CPC Document
The document, released in Beijing, has 60 provisions and 300 reform tasks and deals with developing advanced technology and securing security through military and supply chain enhancements. The document emphasized the role of the government-controlled companies and indicated that Beijing would continue to support private companies and finance under state leadership and dominance.
Xi Jinping emphasizes on security
According to Xinhua, Xi Jinping emphasized the importance of national security and made it clear that the security of China’s key industrial networks and its strategic military deterrence is necessary.China to counter Western pressure....
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If interested here is Xinhua's "Explanation of resolution of CPC Central Committee on further deepening reform comprehensively to advance Chinese modernization" via Theory China.
Previously at the zoo:
November 2018
Société Générale's Albert Edwards Sees 'Grey Rhinos', Regales With Tales of Other Members of The Bestiary (also sectoral balances)
...Here's the State Council of the People's Republic of China highlighting a March 2021 China Daily article:
'Gray rhino' real estate risks need to be tamed
