Official: China to play a key role in global economic recovery, says Reuters

China’s Economic Rebound: Zhao Leji outlines key drivers for growth and calls for international collaboration

At the Boao Forum for Asia, China’s top legislator Zhao Leji outlined the country’s goals for the year ahead, emphasizing China’s commitment to being a driving force for global economic recovery. Zhao highlighted China’s plan to focus on tech innovation as a key driver of economic growth and expressed a willingness to collaborate with other countries on this front. He also projected that China’s import and export of goods would exceed $32 trillion in the next five years.

Despite challenges such as weaknesses in the property sector and mounting local government debt, recent economic indicators have shown positive signs for China’s economy at the beginning of the year. In response to these challenges, Zhao announced plans for greater openness in China’s markets for foreign investors, including further reductions to the “negative list” of sectors where foreign investment is restricted.

Zhao reiterated China’s commitment to being a welcoming destination for foreign investors, despite a decline in inbound foreign direct investment in the first two months of the year. Beijing recently announced policies to support economic growth and set a target of around 5% growth for 2024, reflecting confidence in the country’s economic rebound and long-term improvement.

In addition to these initiatives, Zhao emphasized China’s opposition to trade protectionism and decoupling, stating that “investing in China is investing in the future.” This message seeks to reassure international businesses and investors of China’s commitment to economic cooperation and growth.

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