In a speech at the Boao Forum for Asia, China’s top legislator Zhao Leji emphasized the country’s goal of being a strong driving force for the global economic recovery in the coming year. 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. He also 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. Zhao promised greater openness in China’s markets for foreign investors, with plans to reduce the “negative list” of sectors restricted for foreign investment. Inbound foreign direct investment has decreased in the first two months of the year, prompting some foreign businesses to diversify their operations away from China.
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. 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.