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

Uniting for Economic Growth: China’s Vow to Recover in the Face of Global Challenges

Amidst the global economic challenges, China has set its sights on becoming a driving force for economic recovery in the coming year. The country’s top legislator, Zhao Leji, emphasized this goal in a speech at the Boao Forum for Asia. To achieve this, China plans to open its markets wider to foreign investors and focus on promoting high-quality growth.

Zhao also highlighted technology innovation as a new point of economic growth and expressed willingness to collaborate with other countries in this area. He further revealed that China’s import and export of goods is expected to exceed $32 trillion in the next five years.

Despite uncertainties in the global economic landscape, Zhao reiterated China’s opposition to trade protection and decoupling. He emphasized that investing in China is investing in the future of the economy. 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 declining foreign investment, Zhao promised greater openness in China’s markets for foreign investors, with plans to reduce the “negative list” of sectors restricted for foreign investment. However, some foreign businesses have already diversified their operations away from China due to uncertainties about market access and rising labor costs.

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