China will persist with opening up, pledges its top legislator

Beijing will also push for high-quality, innovative and green development, he says

- Lim Min Zhang China Correspondent

BOAO, Hainan - China’s economic growth will inject strong impetus for the recovery of the global economy and provide more opportunities for its Asian neighbours, said the country’s top legislator Zhao Leji on March 28.

China will persist in its opening up and push for high-quality, innovative and green development, Mr Zhao – the Communist Party’s third-ranked official – said at the opening plenary of the Boao Forum for Asia Annual Conference.

“Opening up is the distinctive mark of contemporary China. China’s door to opening up will only get wider and will never be closed,” added Mr Zhao, who heads China’s Parliament, the National People’s Congress.

He is the latest Chinese leader in the past week to have struck such encouraging tones as foreign direct investment in China fell to a 30-year low in 2023 amid geopolitical tensions and a tougher regulatory environment in the world’s second-largest economy.

China is also facing mounting debt, weak consumer confidence and other headwinds as it strives to meet a growth target of around 5 per cent for 2024.

On March 24, Chinese Premier Li Qiang sought to reassure foreign investors about the country’s property market slump and high local government debt at the China Development Forum in Beijing. On March 27, President Xi Jinping met American chief executives and scholars at the Great Hall of the People and told them that China is working to improve its business environment.