BEIJING: China’s top legislator, Zhao Leji, expressed the country’s commitment to playing a pivotal role in the global economic recovery this year.
He outlined plans to further open China’s markets to foreign investors and prioritize high-quality growth during his remarks on Thursday.
At the opening plenary of the annual Boao Forum for Asia gathering, Zhao, who chairs the Standing Committee of the National People’s Congress, highlighted China’s focus on technological innovation as a new driver of economic growth.
He also emphasized China’s willingness to collaborate with other nations in this regard.
Zhao projected that China’s import and export activities would surpass $32 trillion over the next five years, underscoring the country’s economic ambitions.
Despite challenges such as weaknesses in the property sector and growing local government debt, recent economic indicators have shown a positive start for China’s economy this year.
To attract more foreign investment, Zhao pledged greater market openness by reducing restrictions on sectors for foreign companies, as outlined in the “negative list.” This move aims to address concerns of foreign businesses seeking to diversify their supply chains away from China.
In March, Beijing unveiled policies to support economic growth, setting a growth target of around 5% for 2024. Zhao expressed confidence in China’s long-term economic rebound and improvement.
He also reiterated China’s opposition to trade protectionism and economic decoupling, emphasizing that investing in China is an investment in the future.
