Premier Reassures That China Remains Committed to Opening Markets

18 Apr 2023

Premier Li Qiang reassured global political and business leaders that China remains committed to opening up its market to the world and strives to create a “first-class business environment” for foreign investors.

During a meeting with representatives of foreign countries, the world’s top enterprises, research institutes and international organizations on Monday, Li stressed the importance of managing expectations and taking a long-term view as he called for global cooperation to help the world economy recover.

“No matter how the global situation changes, China will unwaveringly expand its openness to the outside world,” Li said on the sidelines of the China Development Forum in Beijing.

China will accelerate reforms to provide international businesses with more opportunities, while maintaining its own efforts to achieve high-quality economic development, Li said. The newly elected premier also urged global parties to come to a consensus and strengthen cooperation in this complex and difficult period.

“When dealing with risks and challenges, we need to first strengthen confidence and manage our expectations, especially broadening our horizons and looking at the long-term (development),” Li said.

Coming out of almost three years of strict Covid-19 pandemic control policies, China set a modest 2023 GDP growth rate target at “around 5%,” while President Xi Jinping made boosting consumer spending and foreign investment priorities of this year’s economic work.

In 2022, the country’s actual use of foreign capital increased around 30% compared to pre-pandemic levels in 2019, Li said during a press conference in mid-March.

China first launched its reform and opening-up policy in 1978. In recent years, Xi and senior government officials have repeatedly remarked that “China’s door to the outside will only open wider.”