Premier Li Qiang addressed a gathering of global CEOs and Chinese policymakers on Sunday, highlighting China’s forthcoming focus on market access and cross-border data flows.
He emphasized, “We cordially welcome companies from all countries to invest in China and deepen their foothold in China.”
Moreover, Li outlined China’s strategic thrust towards nurturing emerging sectors like biological manufacturing and intensifying efforts in artificial intelligence and the data economy at the China Development Forum in Beijing.
In response to recent economic indicators, Beijing has taken steps to relax certain regulations.
This includes easing rules on foreign investment announced on Tuesday, prompted by a nearly 20% decline in investment inflows during the January-February period.
Additionally, China’s cyberspace regulator loosened some security regulations on data exports on Friday, addressing concerns raised by foreign firms operating in China.
Addressing economic concerns, Li highlighted China’s relatively low inflation rate and manageable central government debt burden.
He underscored the potential for further macro policy adjustments, citing successful measures implemented last year to mitigate property and debt risks.
A fresh action plan has been introduced to counteract a decline in foreign investment and to establish equitable opportunities for foreign enterprises.
This initiative includes easing restrictions on overseas access in China’s extensive manufacturing sector and fostering growth in sectors like telecommunications and healthcare.
Despite a strong start to the year for the economy, analysts have expressed skepticism regarding Premier Li’s annual growth projection of approximately 5%.
They deem it “ambitious” in light of the ongoing property crisis and subdued household consumption resulting from sluggish income growth and job market uncertainties.
(Note: Exchange rate: $1 = 7.2293 Chinese yuan renminbi)
