China aims to be a strong driving force for global economic recovery this year, opening its markets to foreign investors and promoting high-quality growth, the country’s top lawmaker, Zhao Leji, said on Thursday.
China will make technological innovation a new point of economic growth and is willing to cooperate with other countries in this regard, said Zhao, chairman of the Standing Committee of the National People’s Congress, in the opening plenary of the Forum’s annual meeting Boao for Asia.
According to Zhao, China’s import and export of goods will exceed $32 trillion in the next five years.
Recent economic indicators have shown the world’s second-largest economy has had a strong start to the year, offering some relief to policymakers seeking to support growth against a backdrop of weak real estate and rising local government debt.
Zhao also promised a greater opening of the country’s markets to foreign investors, with a reduction in the “negative list” of sectors prohibited or restricted to investment by foreign companies without special approval.
Many foreign companies have sought to “de-risk” supply chains and operations outside of China. According to data released last week, foreign direct investments received fell by almost 20% in the first two months of the year.
In March, Beijing announced a series of policies to boost economic growth and a growth target of around 5% for 2024, which Zhao said conveys confidence that the country’s economy will continue to recover and improve in the long term.
Source: Terra
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