Chinese premier calls for 'more creative measures' to stabilize trade, draw foreign capital
Published: Aug 25, 2023 12:43 AM
Chinese Premier Li Qiang makes an inspection tour in South China's Guangdong Province from Tuesday to Thursday. Photo: Xinhua

Chinese Premier Li Qiang makes an inspection tour in South China's Guangdong Province from Tuesday to Thursday. Photo: Xinhua

Chinese Premier Li Qiang called for "more creative measures" to stabilize China's international market share and attract more foreign capital to further boost the vitality and momentum of development, during an inspection tour to South China's Guangdong Province, according to Xinhua on Thursday.

The remarks further underscore China's determination to stabilize foreign investment amid challenges including a global economic downturn and arbitrary restrictions imposed by the US and some of its allies on normal investment cooperation.

During the tour from Tuesday to Thursday, Li visited a number of high-tech companies in Dongguan and Shenzhen, including Huawei Technologies, and learned about the companies' production and research and development (R&D). Li called for greater efforts in innovation and breakthroughs in core technologies, Xinhua reported.

During a meeting, Li stressed that China is in a critical period of its economic transformation and upgrading, and it is necessary to maintain the determination to promote high-quality development in accordance with the Communist Party of China (CPC) Central Committee's scientific judgment of the economic situation.

In July, the Political Bureau of the CPC Central Committee held a meeting to analyze the current economic situation and make arrangements for economic work in the second half of the year. It pointed out that the economic situation faces new challenges due to insufficient domestic demand, difficulties for some enterprises, risks in crucial sectors, and a complex external environment. However, the Chinese economy still has vast potential, and the long term positive fundamentals remain unchanged.

Since the meeting, Chinese policymakers have taken a slew of measures to boost various aspects of the Chinese economy, including the private economy, and to boost foreign investment. On August 13, the State Council issued 24-point guidelines covering six areas, which are intended to improve the climate for foreign investment and attract more funds, in the latest move to stabilize second-half economic growth.

During the meeting in Guangdong, Li stressed the need to unswervingly deepen reform and opening-up, while calling for reforms to stimulate the vitality of all types of businesses, the construction of a unified national market and creation of a first-class business environment. In terms of opening-up, Li called for more creative measures to steadily expand institutional opening-up, to stabilize the international market share, and to attract and utilize foreign capital.

Global Times