China’s Legislative Leader Speaks on Ambitions for Global Economic Recovery and Collaboration through Technology Innovation.

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

In a speech at the Boao Forum for Asia, China’s top legislator Zhao Leji expressed the country’s goal of being a driving force for global economic recovery in the upcoming year. He announced plans to open markets wider to foreign investors and focus on high-quality growth. Zhao highlighted technology innovation as an area of new economic growth and expressed willingness to collaborate with other nations in this area.

Beijing has recently announced policies to support economic growth and set a growth target of around 5% for 2024, indicating confidence in the country’s ability to rebound and improve in the long term. Despite challenges in the property sector and local government debt, recent economic indicators have shown a positive start to the year, offering some relief to policymakers.

In response to declining inbound foreign direct investment, which has decreased in the first two months of the year, Zhao promised greater openness in China’s markets for foreign investors. He also mentioned that China’s import and export of goods is expected to exceed $32 trillion in the next five years, indicating continued investment opportunities.

Zhao reiterated China’s opposition to trade protectionism and decoupling, emphasizing that investing in China is investing in the future of the economy. While there are uncertainties in the global economic landscape, Beijing remains committed to supporting economic growth and promoting cooperation with other nations.

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