China’s Economic Recovery: Focus on High-Quality Growth and Openness to Foreign Investment

By Eleanor Harrison Mar28,2024
Official predicts that China will play a crucial role in global economic recovery, says Reuters

Amidst challenges in the property sector and local government debt, China’s economy has shown positive signs for the year. In a speech at the Boao Forum for Asia, Zhao Leji emphasized China’s goal of being a strong driving force for the global economic recovery in the coming year. To achieve this, China plans to open its markets wider to foreign investors and focus on promoting high-quality growth.

In addition to reducing restrictions on foreign investment, Zhao highlighted tech innovation as a new point of economic growth. He expressed willingness to collaborate with other countries in this area. With plans to increase import and export of goods to $32 trillion in the next five years, Zhao promised greater openness in China’s markets for foreign investors.

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.

By Eleanor Harrison

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