BEIJING, March 8, 2024 /PRNewswire/ — News report from Beijing Review:
China has set a GDP growth target of around 5 percent for this year. The target was revealed in the government performance report presented by the prime minister Li Qiang at the opening meeting of the Second Session of the 14th Chinese National People’s Congress (NPC), of China supreme legislative body, c Beijing On March 5.
The second session of the 14th National People’s Congress, China’s top legislature, opens in Beijing on March 5 (WEI YAO)
The report reviewed the country’s achievements over the past year and outlined its future direction. The projected GDP growth target is in line with last year’s growth target. China’s economy showed strength and resilience in 2023, posting annual growth of 5.2 percent.
Han Baojiang, head of the China Market Economy Society, said the GDP growth target was both pragmatic and inspiring, showing the central government’s continued emphasis on the quality of growth.
The country remains a major driver of global development, with its economy recovering in 2023 and contributing about 30 percent to global economic growth.
As the challenges continue to evolve of China economic recovery, the general trend of recovery and long-term improvement remains unchanged. The Chinese leadership stressed the importance of making progress while maintaining stability. Consolidating and strengthening the momentum of the economic recovery is paramount.
“If China can achieve its growth target, that would be spectacular. China’s economy is so large that any level of growth helps people in Chinaand does China contributing to overall growth in the world. And so there is a secondary effect: if China does well, China will also consume”, Michael Hartpresident of the American Chamber of Commerce in Chinasaid Overview of Beijing.
This was stated in the work report China will strive for a higher standard of openness and promote mutual benefits. More specifically, efforts will be made to sustainably increase the volume and increase the quality of foreign trade.
Commerce Minister Wang Wentao mentioned at a press conference on March 6 that positive signs have appeared such as of China the foreign trade sector maintained its growth dynamics in the first two months of this year. And many enterprises expand their market presence by participating in trade shows and going abroad.
To further improve foreign trade, China will strengthen support for import and export credits, export credit insurance, as well as improve cross-border settlements, foreign exchange risk management and other related services, according to the report.
The country will deepen its efforts to attract foreign investment. This includes shortening the foreign investment negative list, a list of industries in which foreign investment is restricted or prohibited, and ensuring that foreign-funded enterprises can participate in government procurement, bidding and standard-setting processes under the law and on an equal footing conditions.
The report also states that all market access restrictions on foreign investment in manufacturing will be removed and market access restrictions in service sectors such as telecommunications and healthcare will be reduced.
The country will also strengthen services for foreign investors China preferred investment destination. Efforts will also be made to facilitate foreigners’ access to work, study and travel China.
As a major producer country, China has the largest and most complete industrial system, along with a fully developed infrastructure, which increases its attractiveness to foreign companies and investors, especially amid the slowing global economic recovery and the economic fallout from rising protectionism, according to Zhang Yansheng, chief researcher at Beijinga China-based center for international economic exchange.
The researcher noted that of China the huge market and huge demand provide strong motivation for foreign investors to set up facilities closer to their Chinese customers “without being bogged down by relatively high labor costs”.
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SOURCE Beijing Review
