China aims to drive global economic recovery, promotes market openness

China’s economy: China is positioning itself as a major driving force for the world's economic recovery in 2024, with a focus on expanding market access for foreign investors and fostering high-quality growth, announced Zhao Leji, the chairman of the Standing Committee of the National People's Congress.

During the opening plenary of the annual Boao Forum for Asia, Zhao stressed China's commitment to technology innovation as a key driver of economic advancement. 

He expressed China's readiness to collaborate with other nations in this endeavour.

Highlighting China's economic ambitions, Zhao projected that the country's import and export volume of goods would surpass $32 trillion over the next five years.

Recent economic data has shown positive signs for China's economy, providing reassurance to policymakers amidst challenges such as property market weakness and local government debt concerns.

In a bid to attract more foreign investment, Zhao pledged to further open up China's markets by reducing restrictions on sectors where foreign companies can invest without special approval. 

The move comes amid a decline in inbound foreign direct investment in the first two months of the year.

Zhao reiterated China's opposition to trade protectionism and economic decoupling, stressing that "investing in China is investing in the future." 

The stance aligns with Beijing's recent policies aimed at bolstering economic growth and maintaining a growth target of around 5 per cent for 2024.

Overall, China's proactive approach to market openness and economic collaboration signals its determination to play a pivotal role in driving global economic recovery.

(With Reuters Inputs)