Chinese Premier Li Qiang called for global cooperation in various areas to rebuild global trust, including strengthening macro-economic policy coordination and international industrial specialization and cooperation, warning that lack of trust and fragmentation will endanger global economic growth and peaceful development. In an address at the World Economic Forum (WEF) annual meeting in Davos, Switzerland, Li said that China's economy grew 5.2% in 2023, and is making a steady recovery, vowing to continue to open up China's markets for global businesses no matter how the global situation changes. China's support for an open world economy is in sharp contrast to the anti-globalization and rising protectionism spearheaded by countries such as the U.S., the Global Times reports. The steady recovery of the Chinese economy is offering great impetus for global growth, while the U.S.' chaotic domestic policymaking poses risks for the global economy, experts noted.
Premier Li compared China’s economy to an “undulating mountain range with magnificent peaks”. “My European friends taught me that to fully appreciate the majestic beauty of the Alps, one has to zoom out and look from afar. As I see it, it is the same way for the Chinese economy, one has to broaden the vision and take a panoramic view to see the whole picture in an objective and comprehensive manner.” In its post-Covid recovery, China “did not resort to massive stimulus, we did not seek short-term growth or accumulate long-term risks”, Li said, but focused instead on “strengthening internal drivers”. “Just as a healthy person often has a strong immune system, the Chinese economy can handle ups and downs in its performance. The overall trend of long term growth will not change,” he added.
He told the Business leaders in Davos that the Chinese market was not a risk, but an opportunity. “China remains firmly committed to opening up, we will continue to create favorable conditions for the world to share in China’s opportunity,” Li said. “We will hear the views of foreign businesses regularly and for reasonable concerns we will take active steps to address them,” he said, adding that the Chinese government was working to address demands to remove barriers to cross-border data flows, participation in government procurement, and foreign investment in manufacturing. Premier Li was the most senior Chinese official to address the exclusive gathering since 2017, when President Xi Jinping delivered a keynote address.
“I think Premier Li made China's unwavering support for globalization and an open world economy very clear again at this very important international forum, in stark contrast to the de-globalization trend promoted by certain countries,” Bai Ming, Research Fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times. Premier Li Qiang also paid official visits to Switzerland and Ireland, extending visa-free entry to China to their citizens for 15 days.
