China to Drive Global Economic Recovery in 2023: Promoting High-Quality Growth and Tech Innovation

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

As a journalist, I will rewrite the article in a unique way. Here it is:

In a speech at the Boao Forum for Asia, China’s top legislator Zhao Leji announced the country’s goal of being a strong driving force for the global economic recovery in the upcoming year. To achieve this, China plans to focus on promoting high-quality growth and opening its markets wider to foreign investors. Zhao emphasized tech innovation as a new area of economic growth and expressed willingness to collaborate with other countries in this field. Furthermore, he 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 positive signs for China’s economy, offering some relief to policymakers amidst challenges in the property sector and local government debt. In response to these challenges, Zhao has promised greater openness in China’s markets for foreign investors by reducing the “negative list” of sectors restricted for foreign investment. However, despite this effort, 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.

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