China Commits to Being a Strong Economic Force in 2021, Promises Greater Market Access for Foreign Investors

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 commitment to being a strong driving force for global economic recovery in the coming year. Zhao announced that China plans to open its markets wider to foreign investors and focus on promoting high-quality growth. He highlighted technology innovation as a new area of economic growth and expressed willingness to collaborate with other countries in this field. Additionally, he stated that China’s import and export of goods is expected to exceed $32 trillion in the next five years.

While recent economic indicators have shown positive signs for China’s economy, policymakers face challenges in the property sector and local government debt. To address 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. Despite decreased inbound foreign direct investment in the first two months of the year, prompting some businesses to diversify their operations away from China, Zhao reiterated his commitment to increasing market access for foreign investors.

Despite uncertainties in the global economic landscape, Zhao emphasized China’s opposition to trade protection and decoupling. He stated 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 China’s ability to rebound and improve long term.

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