China’s Road to Economic Recovery: Boao Forum for Asia Shines Light on the Country’s New Vision

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

China’s top legislator Zhao Leji delivered a speech at the Boao Forum for Asia, stating the country’s goal of being a driving force for global economic recovery in the coming year. He emphasized that China plans to open its markets wider to foreign investors and focus on promoting high-quality growth.

Recent economic indicators have shown positive results for China’s economy, providing relief to policymakers amid challenges in the property sector and local government debt. Despite these challenges, Zhao expressed optimism about the future of China’s economy, promising greater openness in the country’s markets for foreign investment. He also mentioned that China expects its import and export of goods to exceed $32 trillion in the next five years.

Zhao reiterated China’s opposition to trade protection and decoupling, emphasizing that investing in China is investing in the future of the economy. Earlier in March, Beijing 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.

In addition to promoting high-quality growth, Zhao highlighted tech innovation as a new point of economic growth. He expressed willingness to collaborate with other countries in this area, emphasizing that investing in technology is crucial for sustainable economic development.

Overall, Zhao’s speech at the Boao Forum for Asia provided insight into China’s plans for economic recovery and growth in the coming year. His emphasis on opening markets wider to foreign investors and promoting high-quality growth shows that he is committed to sustainable economic development while also recognizing the challenges facing China’s economy today.

Leave a Reply