China to spearhead global economic recovery

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.