Despite its domestic focus China wants to participate in the global economy

Business
Oct 17 2022 11:31 AM
ANIKET DIXIT

Despite its domestic focus China wants to participate in the global economy

BEIJING: The country will continue to expand its economic ties with the rest of the world, even as it prioritizes promoting domestic demand and high-quality growth, according to China's top economic planner.

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According to Zhao Chenxin, deputy director of the National Development and Reform Commission, plans for a dual-circulation economy that would require more domestic production and consumption do not indicate the country is looking to scale back on globalization. The briefing was a component of activities around the Communist Party Congress, which is taking place this week.

According to Zhao, some nations are attempting to isolate supply chains and build compact yards with high walls. "We think the historical trend will continue to be that of openness and cooperation."

According to Zhao, the idea that China wants to develop as an independent economic power is misunderstood. He further said that no country can move forward by closing its borders.

According to him, domestic and international demands are interdependent, and China is already highly interdependent with many other countries.

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According to Zhao, China will publish a list of areas to encourage foreign investment in 2022 and offer better incentives to entice spending. He did not respond to a question whether the Covid visitor quarantines are reducing such investments.

He said, "We welcome businesses to come to China to share the benefits of China's development.

Zhao said the economy saw a significant rebound in the third quarter, with key indicators showing improvement. According to him, there is only moderate inflation and a stable job market.

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GDP grew 3.3% in the third quarter from a year earlier, according to official data to be released on Tuesday, rebounding from nearly steady growth in the past three months while Shanghai was under lockdown.