China’s Focus on Technology and Openness to Foreign Investors: A Look at its Economic Growth Plans for 2024

China’s top legislator, Zhao Leji, has outlined the country’s plans for economic growth in the year ahead at the Boao Forum for Asia. He highlighted China’s focus on technology innovation as a key driver of economic growth and expressed a willingness to collaborate with other countries on this front. According to Zhao, China’s import and export of goods is projected to exceed $32 trillion in the next five years.

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. In response, Zhao 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.

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. 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.

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.