Opening-up resolve, GDP target hailed
China’s path of stable growth and continued reforms will benefit entire global community, observers say
China’s commitment to stable and reasonable economic growth, as underlined by Premier Li Qiang in his Government Work Report on March 5, spells good news for the world at large, observers said.
Global executives and experts also lauded the nation’s resolve in expanding high-level opening-up, saying it is poised to create more growth opportunities for stakeholders worldwide.
China’s target for GDP growth of around 5 percent this year, unveiled by Li in his report to the National People’s Congress (NPC), is “quite reasonable”, said Mey Kalyan, chairman of the Cambodia Development Resource Institute.
“China is playing one of the most important roles in the world economy right now,” said Kalyan, noting that a resilient China is important for the world and especially Asia.
“Whatever is good for China is good for us too,” said Kalyan, adding that he believes the Chinese government is capable of handling domestic economic challenges.
In the Government Work Report, Premier Li said China will continue to develop new systems for a higherstandard open economy and inject greater energy and vitality into domestic and international economic flows.
Looking ahead to this year, the government pledged efforts to work proactively in alignment with highstandard international economic and trade rules, advance high-standard opening-up in key sectors, and steadily expand institutional opening-up, according to the report delivered by Li at the opening of the second session of the 14th National People’s Congress in Beijing.
More efforts will be made to lift all foreign investment restrictions in the manufacturing sector and relax market access restrictions in service industries, such as telecommunications and medical services, the report said.
“The optimized economic environment in China has instilled lasting confidence and (given) strong impetus for numerous foreign-funded enterprises, including Pfizer, which have been long rooted in China,” said Jean-Christophe Pointeau, global senior vice-president of United Statesbased pharmaceutical firm Pfizer.
Noting that China “contributed over 30 percent to global economic growth” in 2023, the executive said that it reflects Beijing’s “stable and continuously optimized economic environment”.
China’s stable economic growth has boosted the confidence of countries having close ties to the Asian giant, including Thailand, which enjoys a historical friendship as well as a strategic partnership with China, said Narongsak Putthapornmongkol, president of the Thai-Chinese Chamber of Commerce.
Citing the facts highlighted in Li’s Government Work Report, Naraongsak said the growth of China’s GDP,
at 5.2 percent, last year is impressive, given that the country had just recovered from the COVID-19 pandemic fight that lasted for about three years.
“China’s innovation, the green technology in particular, has contributed to the sustainable development of Thailand and other ASEAN countries,” he said.
Naraongsak noted that China has always kept its door open to the world and sought win-win cooperation via international trade and special economic zones in areas such as Hainan and Guangdong provinces.
“China is now a leading country in many fields, such as new energy and 5G technology. The country is also is big market with great potential. Thai enterprises should seize the chance and further boost trade with China,” he added.
Li’s report noted that 2023 saw a 30-percent increase in China’s exports of the “new trio” — namely, electric vehicles, lithium-ion batteries, and photovoltaic products.
The sustained growth of China, despite a slowdown from doubledigit economic expansion rates, will lead to continued investments in other economies, according to Yose Rizal Damuri, executive director of the Centre for Strategic and International Studies, a think tank based in Indonesia.
“China’s demand for Indonesian goods has remained high,” Damuri said, also noting that Chinese investments in Indonesia have a significant bearing on employment opportunities in the Southeast Asian nation.
Indonesia has enjoyed China’s immense support, particularly in infrastructure development, Damuri said.
“There have been many investments from China,” he said, pointing to China’s role in Indonesia’s economic development.
As the Indonesian market is developing very fast, “Indonesia can serve as a production hub for China,” he noted.
Josua Pardede, chief economist at Bank Permata in Jakarta, noted that China is overcoming challenges related to the slowdown of the property sector, and demographic problems due to an aging population, as it seeks to sustain development and high-quality economic growth.
Karim Khanjeza, a member of the Kyrgyzstan parliament, said the impressive development of China that he witnessed during visits to China is evidence of the effective work that follows after deliberations at the annual NPC and the Chinese People’s Political Consultative Conference meetings.
The significance of the “two sessions” is that they provide a stage for parliament representatives and government members to collect, listen, and take into account the opinions of the people. The results and achievements are obvious, as the world can see economic development across the nation despite the vast landmass and huge population, Khanjeza said.
Meanwhile, observers also noted that Premier Li said that authorities will make it easier for foreign nationals to work, study, and travel in China.
“This is encouraging information for Thai people because many Thai students are looking for a chance to study in China and China is also among the top popular travel destinations among Thai people,” said Varut Kanchanappattana, treasurer of the Association of Thai Travel Agents.
He also spoke highly of the agreement on mutual visa exemption between China and Thailand that went into effect on March 1 for holders of ordinary passports and passports for public affairs.
“Apart from its beautiful views and high-quality service, Thailand is also a hub for investment and education in the ASEAN region. The visa-free scheme will stimulate outbound tourism and further strengthen bilateral ties between (Thailand and China),” said Varut.
Anticipating broader access to China’s markets for international firms, observers said they expect to see further measures aimed at enhancing the business climate and extending opening-up across diverse sectors, such as services and the hightech industry.
According to the Government Work Report, China will continue to develop a first-class business environment that is market-oriented, lawbased and internationalized, which will enhance the appeal of “Invest in China”. A new group of foreignfunded projects will also be selected as landmark projects in due course.
Chen Jianwei, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics, said China is dedicated to opening its doors wider to the outside world.
Citing key measures mapped out by the report such as expanding institutional opening-up, he said it is sending clear signals to global investors that China will further optimize the business environment, strengthen intellectual property protection, and promote market-oriented reforms.