China’s new First Deputy Prime Minister, Ding Shueshiang, and the newly appointed director of the National Development and Reform Commission (NRDC), the country’s main economic planning body, Ching Shanjie, met with international business circles at the China Development Forum in Beijing.
In his speech at the forum, First Deputy Prime Minister Ding said, “We will continue to expand access to the market, comprehensively improve the business environment. We will make more efforts to attract foreign capital to the country, we will treat foreign companies as national companies.” said.
Emphasizing that the policy of opening up is the indicator of modern China, Ding said, “China’s new development model will not be an isolated domestic market cycle, but an open, dual circulation where domestic and foreign markets feed each other.” used the phrase.
Ding stressed that “true multilateralism” is needed for global recovery and coordination to prevent the spread of the negative effects of “radical policy adjustments” in the macro economy.
NRDC Director Cıng Şancie stated that they aim to create a world-class business environment on equal terms by removing the restrictions on access to the market.
Pointing out that China will accelerate the development of the digital economy for the creation of new industries, Cıng said, “Walking with China means walking with opportunities, investing in China is investing in the future.” made its assessment.
The new executives elected at the National People’s Congress held in China at the beginning of the month tried to dispel the doubts that China is in an inward quest to develop self-sufficiency in the field of high technology, against the US tendency to cut technology restrictions and economic ties with their messages.
“China will provide one-third of global growth in 2023”
In her speech at the forum, International Monetary Fund (IMF) President Kristalina Georgieva stated that China will provide one-third of the global growth with an estimated growth rate of 5.2 percent this year.
Expressing her prediction that China will “become one of the budding sprouts in the economic recession”, Georgieva warned that the risks of financial instability have increased and that geopolitical fragmentation can create dangerous divisions.
Georgieva emphasized that China should move from an investment-oriented economy to consumption-based growth by increasing productivity, and create an environment where private sector and state-owned enterprises can compete on equal terms with market-oriented reforms.
While the Chinese economy showed signs of recovery in the first two months of the year, the US’s restrictions on technology, as well as the possible effects of the fluctuations in global financial markets caused by the banking crises in the US and Switzerland, lead to uncertainty as to whether the recovery will be sustained.