A Positive Start to the Year for China’s Economy: Zhao Leji Looks Ahead at Boao Forum

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

Amidst challenges in the property sector and local government debt, recent economic indicators have shown a positive start to the year for China’s economy. In his speech at the Boao Forum for Asia, Zhao Leji emphasized China’s goal of being a strong driving force for global economic recovery in the coming year. To achieve this, China plans to open its markets wider to foreign investors and focus on promoting high-quality growth.

One area that Zhao highlighted as a new point of economic growth is tech innovation. He expressed willingness to collaborate with other countries in this area, recognizing that it will be crucial for China’s future success. Despite uncertainties in the global economic landscape, Zhao reiterated China’s opposition to trade protection and decoupling. Instead, he emphasized that investing in China is investing in the future of the economy.

In March, Beijing announced policies to support economic growth and set a growth target of around 5% for 2024. This shows confidence in China’s ability to rebound and improve in the long term, despite some foreign businesses diversifying their operations away from China due to decreased inbound foreign direct investment in the first two months of the year. However, Zhao promised greater openness in China’s markets for foreign investors, with plans to reduce the “negative list” of sectors restricted for foreign investment. Overall, Zhao’s speech highlights China’s commitment to promoting economic growth and collaboration with other countries while remaining focused on its own goals for success.

Leave a Reply