The Boao Forum for Asia (BFA) Annual Conference 2024 kicked off in Boao, Hainan Province, with China's top legislator Zhao Leji emphasizing the nation's robust economic potential and inviting international investors to seize emerging opportunities.
In his keynote speech, Zhao, chairman of the National People's Congress Standing Committee, highlighted China's commitment to high-quality development through deeper reforms and opening up. He noted that China’s strategic initiatives are set to create significant growth opportunities not just for Asia, but for the global economy as well.
Investing in the Future
China has set an ambitious economic growth target of around five percent for 2024, following a strong GDP growth of 5.2 percent last year—the highest among major economies. This growth accounts for approximately one-third of global expansion, with the International Monetary Fund projecting that a single percentage point increase in China's GDP could boost other Asian economies by 0.3 percentage points.
To sustain and enhance this growth, China is implementing reforms that simplify foreign investment processes. The recent rollout of the first negative list for cross-border trade in service sectors signifies a major step towards opening up, allowing foreign service providers to operate under the same conditions as domestic businesses.
Green and Digital Transformation
China is also making strides in sustainable development, pledging to peak carbon dioxide emissions before 2030 and achieve carbon neutrality by 2060. With nearly half of the world's installed solar capacity and over half of new energy vehicles registered globally, China's green initiatives are creating a projected 10-trillion-yuan market for investment and consumption annually.
In the realm of technology, China's digital economy has surpassed 50 trillion yuan, and the value added by strategic emerging industries has grown from 7.6 percent of GDP a decade ago to over 13 percent today. The country now boasts 24 of the world's top 100 sci-tech innovation clusters, underscoring its role as a global technology leader.
Fostering Regional Prosperity through Cooperation
Zhao voiced optimism about Asia's dynamic growth, citing a recent BFA Academy report that expects the region to account for 49 percent of the world's GDP in 2024 with a growth rate of 4.5 percent. He highlighted the importance of unity among Asian nations to counteract protectionism and geopolitical tensions, advocating for collaborative efforts to maintain peace and foster economic integration.
Emphasizing the principles of globalization and multilateralism, Zhao reiterated China's stance against trade protectionism and supply chain decoupling. He called for shared opportunities and win-win outcomes through open cooperation, aligning with China's Global Security and Global Development Initiatives aimed at building a just and inclusive world.
\"No country is able to develop itself behind closed doors,\" Zhao concluded, reinforcing the message that investing in China is synonymous with investing in a promising and sustainable future.
Reference(s):
China deepens reform and opening up, appeals to global investors
cgtn.com
