China Is Open for Business, Vice-Premier Ding Tells Boao Forum as Trade War Mounts

China will continue opening its economy to the world, Vice-Premier Ding Xuexiang told an international forum, reiterating his country's pitch for more foreign investment as an escalating trade war unleashed by the US shakes global business sentiment.

- Joyce ZK Lim

"We sincerely welcome businesses from all countries to invest and operate in China," he said at the opening plenary of the Boao Forum for Asia on March 27.

To the annual gathering of business leaders, government representatives and academics in the island province of Hainan, Mr Ding highlighted opportunities for companies in the world's second-largest economy, and pledged to foster a more pro-business environment with improved market access.

His remarks come as China ramps up efforts to shore up a sluggish economy expected to be hit hard by US trade tariffs in 2025. The US is one of China's largest trading partners, with the total value of trade in goods in 2024 reaching US$582.4 billion (S$780.9 billion).

Chinese Premier Li Qiang had struck a similar note with global business leaders days earlier, as Beijing moves to court foreign investors who have pulled back from China amid rising geopolitical tensions and uncertainty about its outlook.

In 2024, China suffered its largest capital flight since the 1990s, with official data indicating that net foreign direct investment fell by US$168 billion.

Officials released in February an "action plan for stabilising foreign investment".