Zhao Leji, China’s top legislator, outlined the country’s goals for the year ahead at the Boao Forum for Asia. He emphasized China’s commitment to being a driving force for global economic recovery and highlighted its focus on tech innovation as a key driver of economic growth. Zhao also projected that China’s import and export of goods would exceed $32 trillion in the next five years.
Recent economic indicators have shown positive signs for China’s economy at the beginning of the year, providing some relief to policymakers amid challenges such as weaknesses in the property sector and mounting local government debt. To further encourage foreign investment, Zhao announced plans for greater openness in China’s markets, including further reductions to the “negative list” of sectors where foreign investment is restricted.
Despite a decline in inbound foreign direct investment in the first two months of the year, Zhao reiterated China’s commitment to being a welcoming destination for foreign investors. Beijing recently announced policies to support economic growth and set a target of around 5% growth for 2024, reflecting confidence in the country’s economic rebound and long-term improvement.
In addition to his focus on economic growth, Zhao also emphasized China’s opposition to trade protectionism and decoupling. He stated that “investing in China is investing in the future,” seeking to reassure international businesses and investors of China’s commitment to economic cooperation and growth.