• Thu. Jun 13th, 2024

China’s Quest for Global Economic Dominance: Zhao Leji Unveils Plans for a Stronger, More Open Economy

BySamantha Johnson

Mar 28, 2024
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 emphasized the country’s goal of becoming a strong driving force for global economic recovery in the coming year. China plans to open its markets wider to foreign investors and focus on promoting high-quality growth. Zhao highlighted tech innovation as a new point of economic growth and expressed willingness to collaborate with other countries in this area. He also mentioned that China’s import and export of goods is expected to exceed $32 trillion in the next five years.

Recent economic indicators have shown a positive start to the year for China’s economy, offering some relief to policymakers amidst challenges in the property sector and local government debt. Despite these challenges, Zhao promised greater openness in China’s markets for foreign investors, with plans to reduce the “negative list” of sectors restricted for foreign investment. However, inbound foreign direct investment has decreased in the first two months of the year, prompting some foreign businesses to diversify their operations away from China.

Despite uncertainties in the global economic landscape, Zhao reiterated China’s opposition to trade protection and decoupling. He emphasized 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.

By Samantha Johnson

As a dedicated content writer at newsanguinely.com, I weave words into compelling stories that captivate and inform our readers. With a passion for storytelling and a keen eye for detail, I craft engaging articles that shed light on the latest news and trends. When I'm not typing away at my keyboard, you can find me exploring new ideas, researching diverse topics, and striving to deliver content that resonates with our audience. Join me on this journey as we uncover the stories that matter most.

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