China to spearhead global economic recovery

Zhao Leji, the top legislator of China, expressed the nation's commitment to driving the world economic recovery this year by further opening its markets to foreign investors and fostering high-quality growth.

Publication: 28.03.2024 - 13:16
China to spearhead global economic recovery
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Speaking at the Boao Forum for Asia's annual gathering, Zhao emphasized that China would prioritize technological innovation as a new engine for economic expansion and expressed readiness to collaborate with other nations in this regard.

According to Zhao, China anticipates its import and export trade to surpass $32 trillion over the next five years.

Recent economic indicators suggest a promising start for the world's second-largest economy this year, providing some relief to policymakers grappling with challenges such as weaknesses in the property sector and mounting local government debt.

In a bid to attract more foreign investment, Zhao pledged greater market openness by further reducing the "negative list" of sectors restricted or prohibited for foreign investment without special approval.

Despite a recent decline in inbound foreign direct investment, with a nearly 20% decrease in the first two months of the year, many foreign businesses have sought to diversify their supply chains and operations away from China.

In March, Beijing unveiled a series of policies to bolster economic growth, setting a growth target of approximately 5% for 2024. Zhao interpreted this target as a sign of confidence in the economy's sustained rebound and long-term improvement.

Zhao emphasized China's opposition to trade protectionism and economic decoupling, underscoring the country's commitment to global economic integration and cooperation.

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