Premier Li Qiang emphasized China’s strong commitment to reforms and opening-up in his speech to the Boao Forum for Asia Annual Conference 2023, sending a positive signal to global stakeholders seeking opportunities in the Chinese market, global business leaders and experts said. Denis Depoux, Global Managing Director of consultancy Roland Berger, said Li’s speech sent a key message that China is open for business and China’s growth will support global growth amid a difficult economic environment. He said the speech also showed China’s commitment to supporting the growth of foreign enterprises investing and operating in China. David Olsson, Chairman of the Australia China Business Council, said Li spoke with confidence about China’s ability to open up its economy and to play a very constructive role in ensuring sound and peaceful growth in the world. “China remains a hugely important market in its own right, but also very influential in the global economy. So investors and companies will continue to come to China, and they will continue to be very active in this market,” he said. Citing China’s recent economic performance in the first quarter of 2023, Olsson said China’s economy is already rebounding. “China’s economy will take off, it will achieve its around 5% target for 2023 and possibly even more with productivity increases.” He said China’s recovery will benefit the rest of the world enormously as hundreds of countries have China as their top trading partner.
More than 1,500 political leaders, business executives, scholars and representatives of think tanks from over 50 countries attended the meeting, themed “An Uncertain World: Solidarity and Cooperation for Development amid Challenges”.
A key point in Premier Li's speech is that he called for inclusiveness and common prosperity for all, said Atul Dalakoti, Executive Director of the Federation of Indian Chambers of Commerce and Industry. “That gives us the confidence that economic development is on the right path and we will see the continuity of the economic policy of further opening-up.”
Ben Simpfendorfer, Partner at consultancy Oliver Wyman, said Li’s speech showed China’s commitment to expanding domestic demand and also highlighted the importance of reforms and opening-up. “These have been pillars of growth over the past decades, and that will continue, sending a positive signal to the foreign business community. China is the world’s second-largest economy. And clearly, it’s growing at a faster rate than many other large economies this year, so its contribution will be important.”
Simpfendorfer’s views were echoed by Samson Khaou, Executive Vice President of Dassault Systèmes Asia-Pacific, who said China’s growth is key to the French industrial software company’s growth in Asia. “China represents 40% of our business here in Asia. We have established our Asia headquarters here in China. This reflects how we see the policy of attracting foreign investment to China as the right one,” he said.
China’s economy is poised to rebound this year while ensuring stability, with greater efforts made to embrace economic rebalancing of domestic consumption, higher-end manufacturing and green projects, Zhu Min, Vice Chairman of the China Center for International Economic Exchanges, told the Boao Forum for Asia’s annual conference in Hainan. “Despite a global slump, China’s economy is forging ahead at a decent pace as new drivers of economic growth have emerged,” he said. The country’s economic growth model, hitherto dependent on investment, real estate and exports, is transitioning to one that will be propelled by domestic consumption, higher-end manufacturing and green projects. Development of the manufacturing industry must remain front and center, said Zhu, adding that China remains the world’s top manufacturing powerhouse, with the total value added by the Chinese manufacturing sector amounting to 30% of global output. “The digital economy, artificial intelligence and other cutting-edge technologies should be applied to the extent possible to scale up the proportion of high-tech products and stabilize the manufacturing sector,” Zhu said. He also noted the key role of consumer spending in driving stable growth.
China’s green transition is also making rapid progress. As technology advances, new energy investment, power grid reform, and new energy-related infrastructure construction will pick up pace in the years to come, Zhu said. At the current stage, China will not solely seek high economic growth rates, but place a high premium on quality growth featuring high-tech and green development. This is the core competency that enables sustainable and stable economic growth, he said. Zhu stressed that in a world of great uncertainties and shifting dynamics, the best approach is to prioritize stability. It is part and parcel of China’s policy orientation for the time being, including its financial system, the China Daily reports.
