China’s Top Legislator Plans to Boost Global Economic Recovery with Open Markets and Tech Innovation

Official predicts that China will play a crucial role in global economic recovery, says Reuters

Amid global economic uncertainties, China’s top legislator Zhao Leji has reiterated the country’s goal of being a driving force for 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 his speech at the Boao Forum for Asia, Zhao highlighted tech innovation as a new point of economic growth and expressed willingness to collaborate with other countries in this area. Additionally, he announced 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. In response, Zhao promised greater openness in China’s markets for foreign investors by reducing the “negative list” of sectors restricted for foreign investment. However, 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 these challenges, Beijing has 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.

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