Zhao, the chairman of the Standing Committee of the National People’s Congress, stated during the opening plenary of the annual Boao Forum for Asia gathering that China will turn technological innovation into a new avenue for economic growth and that it is willing to work with other nations on it.
In the following five years, Zhao projects that China’s import and export of goods will surpass $32 trillion.
As policymakers attempt to support growth in the face of weakening property markets and rising local government debt, recent economic indicators indicate that the second-biggest economy in the world is off to a strong start in 2019.
Zhao further pledged to reduce the “negative list” of industries that are off-limits to foreign investment without special permission and to increase market accessibility for foreign investors.
De-risking supply chains and operations outside of China has been a top priority for numerous international companies.
According to data released last week, inbound foreign direct investment decreased by almost 20 percent in the first two months of the year.
A growth target of approximately 5 percent for 2024 was announced by Beijing earlier in March, which Zhao said expressed confidence in the nation’s economy’s ability to continue its long-term recovery and improvement.
According to Zhao, China was against decoupling and trade protectionism.
“Puying money into China is putting money into the future. “.
The Reuters Daily Briefing newsletter gives you all the news you need to start your day ($1 = 7.2260 Chinese yuan renminbi).
Register right here.
Lincoln Feast and Christian Schmollinger edited the work, which was written by Liangping Gao and Kevin Yao.
BOAO, China, March 28 (Reuters)-China’s top lawmaker, Zhao Leji, stated on Thursday that the nation hopes to be a major engine of the global economic recovery this year by expanding its markets to foreign investors and encouraging high-quality growth.
In the opening plenary of the annual Boao Forum for Asia gathering, Zhao, the chairman of the Standing Committee of the National People’s Congress, stated that China will turn technological innovation into a new avenue for economic growth and that it is willing to work with other nations on this.
Zhao projects that during the next five years, China’s import and export of goods will surpass $32 trillion.
The world’s second-biggest economy is off to a strong start in 2019, which gives policymakers some respite as they work to support growth in the face of weakening real estate and rising municipal government debt.
In addition, Zhao pledged to further reduce the “negative list” of industries that are off-limits to foreign investment without special permission, thereby increasing market accessibility for foreign investors.
Numerous overseas companies have been trying to “de-risk” their operations and supply chains by moving them away from China. The first two months of the year saw a nearly 20 percent decline in inbound foreign direct investment, according to data released last week.
Zhao stated that Beijing’s announcement earlier in March of a number of measures to support economic growth as well as a growth target of about 5 percent for 2024 showed confidence in the long-term recovery and improvement of the nation’s economy.
According to Zhao, China was against decoupling and trade protectionism.
It is an investment in the future to make money in China. $1 is equal to 7 points 2260 Chinese Yuan Renminbi.
Kevin Yao reported, Liangping Gao wrote, and Christian Schmollinger and Lincoln Feast edited.
