China’s Economic Rebound: Policymakers Emphasize Commitment to Global Economic Recovery and Technology Innovation at Boao Forum for Asia

At the Boao Forum for Asia, China’s top legislator Zhao Leji outlined the country’s goals for the year ahead, emphasizing China’s commitment to being a driving force for global economic recovery. Beijing recently announced policies to support economic growth and set a target of around 5% growth for 2024, reflecting confidence in the country’s economic rebound and long-term improvement.

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. Despite a decline in inbound foreign direct investment in the first two months of the year, Zhao reiterated China’s commitment to being a welcoming destination for foreign investors.

Zhao 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. Beijing also announced plans for greater openness in China’s markets for foreign investors, including further reductions to the “negative list” of sectors where foreign investment is restricted.

As part of its focus on tech innovation as a key driver of economic growth, Zhao highlighted China’s plan to invest heavily in research and development, particularly in fields such as artificial intelligence and biotechnology. He also projected that China’s import and export of goods would exceed $32 trillion in the next five years, indicating strong confidence in the country’s ability to continue driving global trade.