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China will continue to open up to the global economy even as it focuses on more high-quality growth and fostering domestic demand, the nation’s top economic planner said.
Plans for a dual-circulation economy requiring more domestic production and consumption doesn’t mean the country wants to scale back from globalisation, Zhao Chenxin, deputy director of the National Development and Reform Commission, said at a press conference Monday. The briefing was part of events related to the Communist Party’s congress taking place this week.
“Some countries are trying to decouple supply chains and build small yards with high walls,” Zhao said. “We believe openness and cooperation will remain the historic trend.”
Zhao said the view that China is seeking to become a self-sufficient economy is a misunderstanding of the country’s strategy. No country can develop with its doors closed, he added. China is already deeply interdependent with many other countries, and domestic and external demand are mutually dependent, he said.
China will publish its 2022 list of industries where foreign investment is encouraged, and will provide better incentives to attract spending, Zhao said. He avoided answering a question about whether Covid quarantines for incoming visitors are curbing such investments.
“We welcome companies to come to China to share the fruit of China’s development,” he said. – Bloomberg
On the economy’s outlook, Zhao said there was a significant rebound in the third quarter, with major indicators improving. Inflation is mild and the employment situation is stable, he said.
Official data scheduled for release on Tuesday will likely show gross domestic product grew 3,3 percent in the third quarter from a year earlier, recovering from near stagnant growth in the previous three months when Shanghai was in lockdown. Bloomberg
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