China Emphasizes Global Economic Recovery as a Top Priority in Boao Forum Speech

Official predicts that China will play a crucial role in global economic recovery, says Reuters

In a speech at the Boao Forum for Asia, Zhao Leji, China’s top legislator, emphasized the country’s goal of being a driving force for global economic recovery in the coming year. He announced that China plans to open its markets wider to foreign investors and focus on promoting high-quality growth. Zhao highlighted tech innovation as a new point of economic growth and expressed willingness to collaborate with other countries in this area. Additionally, he mentioned that China’s import and export of goods is expected to exceed $32 trillion in the next five years.

Recent economic indicators have shown a positive start to the year for China’s economy, offering some relief to policymakers amidst challenges in the property sector and local government debt. In response to decreased inbound foreign direct investment due to uncertainty in the global economic landscape, Zhao promised greater openness in China’s markets for foreign investors by reducing the “negative list” of sectors restricted for foreign investment. Despite this, some foreign businesses have diversified their operations away from China.

Zhao reiterated China’s opposition to trade protectionism and decoupling, emphasizing that investing in China is investing in the future of the global economy. Earlier in March, Beijing announced policies to support economic growth and set a growth target of around 5% for 2024, showing confidence in the country’s ability to rebound and improve in the long term.

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