China Unveils its Vision for Global Economic Recovery: Focus on Tech and Collaboration at Boao Forum

Official: China to play a key role in global economic recovery, says Reuters

At the Boao Forum for Asia, China’s Premier Li Keqiang outlined the country’s plans to drive global economic recovery in 2023. He emphasized China’s focus on tech innovation as a key driver of economic growth and expressed a willingness to collaborate with other countries on this front.

Recent economic indicators have shown positive signs for China’s economy at the beginning of the year, providing some relief to policymakers amid challenges such as weaknesses in the property sector and mounting local government debt. To further support economic growth, Beijing recently announced policies to increase openness in China’s markets for foreign investors, including further reductions to the “negative list” of sectors where foreign investment is restricted.

Despite a decline in inbound foreign direct investment in the first two months of the year, Li reiterated China’s commitment to being a welcoming destination for foreign investors. Beijing set a target of around 5% growth for 2024, reflecting confidence in the country’s economic rebound and long-term improvement.

Li also emphasized China’s opposition to trade protectionism and decoupling, stating that “investing in China is investing in the future.” This message seeks to reassure international businesses and investors of China’s commitment to economic cooperation and growth.

Sophia Reynolds

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