Chinese economy rebounded in 2023 with 5.2% estimated growth: Premier

The Chinese economy rebounded and moved upward with an estimated growth of around 5.2 percent in 2023, above the official target of around 5 percent, Premier Li Qiang said on Tuesday as he vowed to further expand the country's opening up.

No matter how the global environment evolves, China will always adhere to the fundamental national policy of opening up, and will continue to provide global impetus, Li said in a keynote speech to business leaders at the World Economic Forum in Davos.

Choosing the Chinese market is not a risk, but an opportunity, he said, adding that China embraces investments from businesses of all countries with open arms, and will steadily expand institutional opening up, continue to shorten the negative list for foreign investment, provide national treatment for foreign businesses, and keep fostering a market-oriented, law-based and world-class business environment.

Li also warned of deepening trust deficit, saying the lack of trust is exacerbating the risks to global economic growth and peaceful development.

There are many cases in bilateral and multilateral relations where mutual trust is undermined by the willfulness of one side, he added.

Under the impact of global crises, if countries fragmentarily fight their own battles, the world economy will become more fragile, the premier said.

Five-point proposal

Li made a five-point proposal on rebuilding trust, strengthening cooperation and promoting global economic recovery. 

The first point in the proposal is to strengthen macroeconomic policy coordination, firmly safeguard the multilateral trading system and build greater synergy for global economic growth.

The second point is to strengthen the international industrial division of labor and coordination, unswervingly promote trade and investment liberalization and facilitation, and effectively maintain the stability and smooth flow of global industrial and supply chains.

Li also called for strengthening global exchanges and cooperation on science and technology, working together to create an open, fair and non-discriminatory environment for scientific and technological development, and breaking down barriers that restrict the flow of innovation.

Cooperation on green development should be strengthened, said Li, adding that countries worldwide should remove various barriers in this field, jointly work for green transformation, uphold the principle of common but differentiated responsibilities, and actively address global climate change.

The fifth point is to strengthen North-South cooperation and South-South cooperation, fully implement the UN 2030 Agenda for Sustainable Development, bridge the development gaps, and strive to build a universally beneficial and inclusive world economy, said the Chinese premier.

After the address, Li answered questions from Klaus Schwab, founder and executive chairman of the WEF, on topics including artificial intelligence (AI) governance and the multilateral system. He stressed the need to be people-centered and inclusive, bring benefits for all, work for good AI with good governance, and guide AI in a direction that is conducive to the progress of human civilization.

Li said true multilateralism should be built on basic norms governing international relations based on the purposes and principles of the UN Charter. China neither walks away from agreements or pulls out of organizations, nor asks other countries to pick sides, and it has always been a staunch supporter of multilateralism, he added.

(With input from Xinhua)