BEIJING Chinese Premier Li Qiang stepped up his pursuit of foreign investors, pledging to allow overseas companies more access to China's vast market, while downplaying concerns about the health of the economy.
China will also cultivate emerging industries such as biomanufacturing and develop "quality productive forces", he said on March 24, referring to the country's latest economic buzzword - a collective term for its high-tech sectors such as artificial intelligence, aerospace technology and electric vehicles.
President Xi Jinping coined the phrase in September 2023 during an inspection tour of Heilongjiang province in China's Rust Belt region in the north-east, and it quickly caught on among policymakers in discussions about the country's economic future.
"We welcome companies from all countries to invest and deepen their foothold in China," Mr Li said in his 30-minute keynote address at the opening session of the China Development Forum, a high-level engagement platform for top business leaders and senior Chinese policymakers, in Beijing.
Mr Li's latest assurance to overseas investors comes as foreign direct investment into China hit a low in 2023, and confidence in doing business declined during the Covid-19 pandemic.
This story is from the March 25, 2024 edition of The Straits Times.
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This story is from the March 25, 2024 edition of The Straits Times.
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