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| Chinese Premier Li Qiang speaks at the World Economic Forum in Davos, January 16. (Source: Bloomberg) |
“Last year, China's economy recovered and grew, with an estimated growth of about 5.2 percent, higher than the target of about 5 percent we set at the beginning of last year,” said Chinese Premier Li Qiang.
In a keynote speech before a gathering of world leaders, top companies and economists, Premier Li Qiang addressed the health of China's economy and offered a defense of globalization.
Speaking in Davos, a popular resort town in the Swiss Alps, the Chinese leader compared the world's second-largest economy to a "mountain range with majestic peaks".
“My European friends have taught me that to fully appreciate the majestic beauty of the Alps, one must look far and wide. In my opinion, the same is true of the Chinese economy: one must broaden one’s horizons and have a panoramic view to see the whole picture objectively and comprehensively,” Premier Li Qiang said.
At the same time, it said that in an effort to restore the economy after Covid-19, China "does not use large stimulus measures or seek short-term growth, accumulating long-term risks, but instead focuses on "strengthening internal dynamics".
Just as a healthy person usually has a strong immune system, the Chinese economy can handle ups and downs in its performance, according to the Chinese premier. "The overall long-term growth trend will not change," he added.
The former Shanghai party chief also tried to ease concerns among European investors as Western companies urged them to rethink investments in China amid global turmoil.
Speaking to business leaders and “old friends,” Li Qiang pointed to the “about 9%” return on foreign direct investment over the past five years in China, saying the Chinese market is “not a risk but an opportunity.”
“China remains firmly committed to opening up, and we will continue to create favorable conditions for the world to share China’s opportunities,” he said. Next week, the European Union will release its own economic security proposals, with new details on plans to screen European companies’ investments in certain sectors of the Chinese economy.
At last month's EU-China summit in Beijing, Premier Li Qiang also vowed to listen to the concerns of foreign businesses, a pledge he reiterated in Davos.
“We will regularly listen to the views of foreign businesses, and for reasonable concerns, we will take active steps to address them,” he said, adding that Beijing was working to address demands to remove barriers to cross-border data flows, participation in government procurement and foreign investment in manufacturing.
In a veiled attack on the US, the Chinese premier said that its commitment to multilateralism was “a litmus test to see whether Washington will fulfill its international obligations on time.” The US’s future in international institutions such as the World Trade Organization (WTO) is seen as under threat if the Republican candidate takes power.
He also indirectly took aim at EU climate policies such as the Carbon Border Adjustment Mechanism, which Beijing has long said are discriminatory and will harm developing countries. “Discussions about the need for greater cooperation on climate governance are often accompanied by actions that raise barriers to green trade,” Li said.
The head of the Chinese government also stressed: "Faced with global crises, fragmented and isolated responses will only make the world economy more fragile."
(according to SCMP)
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