Boao, Hainan Province – The Boao Forum for Asia (BFA) Annual Conference 2024 commenced on Thursday in Boao, south China’s Hainan Province, spotlighting China’s commitment to deepening reforms and opening up. China’s top legislator, Zhao Leji, delivered a keynote speech emphasizing the nation’s economic potential, appealing to international investors, and calling for Asian solidarity and cooperation to foster regional prosperity.
‘Investing in China is Investing in the Future’
Zhao, chairman of the National People’s Congress Standing Committee, highlighted China’s pursuit of high-quality development as it continues to reform and open its markets. With an economic growth target of around five percent for 2024 and a GDP growth of 5.2 percent last year, China remains a significant engine for global growth, accounting for about one-third of it. The International Monetary Fund projected that a one percentage point increase in China’s GDP growth could lead to a 0.3 percentage point increase in other Asian economies.
In efforts to transform its economy and achieve sustainable development, China is deepening reforms to attract foreign investment. The country has pledged to further shorten the negative list for foreign investment, remove all restrictions on foreign investment access in the manufacturing sector, and ensure national treatment for foreign businesses. On March 22, the Ministry of Commerce rolled out the first negative list for cross-border trade in services at the national level, marking a significant step in opening up China’s service sectors to foreign suppliers under the same conditions as domestic ones.
China’s commitment to green and low-carbon development is expected to nurture a 10-trillion-yuan (approximately $1.4 trillion) market for investment and consumption annually. With ambitious goals to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060, China leads globally in installed solar capacity and new energy vehicle registrations. According to Zhao, these efforts not only contribute to environmental sustainability but also open vast opportunities for international investors.
Technological innovation is also a driving force behind China’s new economic drivers. At the recent China Development Forum, Chinese Premier Li Qiang noted that the added value of China’s strategic emerging industries increased from 7.6 percent of GDP ten years ago to over 13 percent last year. The digital economy has surpassed 50 trillion yuan, and China is home to 24 of the world’s top 100 science and technology innovation clusters.
“The potential of China’s supersized market with over 1.4 billion people will be further unlocked,” Zhao stated. “Investing in China is investing in the future.”
Cooperation Vital for Global Prosperity
Expressing optimism about Asia’s development, Zhao described the region as the “most dynamic and promising” in the world. However, he cautioned against protectionism and cold-war mentalities that threaten to divide nations and undermine global progress.
A recent report by the BFA Academy forecasted that Asia’s economy would sustain a strong growth rate in 2024, accounting for 49 percent of the world’s GDP with an expected growth rate of 4.5 percent. Despite challenges such as a global economic slowdown and geopolitical tensions, positive factors like accelerated digital trade, tourism recovery, and regional economic integration initiatives like the Regional Comprehensive Economic Partnership are injecting new vigor into Asian trade and investment.
Zhao emphasized that peace is a prerequisite for development amid complex global security threats. He urged Asian nations to unite, oppose unilateralism and extreme egoism, and prevent the region from becoming an arena for geopolitical strife.
China has been proactive in promoting global cooperation through initiatives like the Global Security Initiative proposed during the 2022 Boao Forum and the Global Development Initiative in 2021. These initiatives advocate for common, comprehensive, cooperative, and sustainable security, as well as globalization, multilateralism, and free trade.
“No country is able to develop itself behind closed doors,” Zhao remarked. “We must oppose trade protectionism and all forms of erecting barriers, decoupling, or severing supply chains, and instead share opportunities in opening up and seek win-win outcomes through cooperation.”
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China deepens reform and opening up, appeals to global investors
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