Davos 2023: China is open to the world, says Vice Premier Liu

China is open to foreign investment and will continue to open up to the world, Vice Premier Liu He told the World Economic Forum in Davos on Tuesday.

The country is confident that its economy will return to the normal growth trend in 2023 and expects a significant increase in imports, business investment and consumption, Liu added in a speech that mentioned strengthening international cooperation and maintaining world peace 11 times.

Beijing will also continue to support the private sector, promote fair competition and deepen reform of its state-owned giants, he added, saying that some suggestions that it could return to a planned economy are impossible.

“China will always promote general openness and improve the level and quality of openness,” he said. “Foreign investment is welcome in China, and the door to China will only open wider.”

Liu’s visit to the Swiss resort marks the first overseas trip by a high-level Chinese delegation since Beijing last month began to abruptly ease its strict Covid-19 measures, which protected its population of 1.4 billion. of people from the virus but have also isolated China from the rest of the world over the past three years.

Liu’s remarks mark one of the clearest signs from China that the country wants to re-engage on important issues and attract investment as it tries to boost an economy that grew just 3% last year, one of its worst performances in half a century and far. the target of 5.5%.