Economic tsar Liu He vows ‘China is coming back’, will keep opening up and supporting private business
- Vice-Premier Liu He, having spoken at World Economic Forum in Switzerland, attempts to dispel concerns about China’s economic policies and changes in Covid strategy
- Comments come after China this week announced one of its slowest economic growth figures in the past half-century
China will strive to retain and boost its appeal to foreign investors, as the country is ready to step back onto the world stage and intensify its global cooperation, Vice-Premier Liu He has vowed in Switzerland.
The economic tsar also invited foreign companies to increase their investments in China, after saying in a speech on Tuesday at the World Economic Forum that China will never return to the planned-economy model. Instead, he said, it will keep opening up and supporting the private sector.
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And that message to the forum, he said in the interview, “included perspectives on the last year and prospects for the new year – how China will push for reform and opening up, deepen the reform of state-owned enterprises and support the private sector, and how to set up risks controls”.
“The world has closely monitored China’s Covid-policy changes and its solutions to counter climate change. We feel that the world has deepened its understanding on China, and we hear what they are saying: China is coming back.”
“Given the current circumstances, we are ready,” Liu said, referring to China’s reopening to reconnect with the rest of the world. “We hope more foreign friends come to China, with more foreign investment in the country, and we will comprehensively improve the business operating environment in China. I’m very positive about this.”
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In his keynote speech on Tuesday, Liu said China has been returning to normality faster than expected and is set for a significant economic recovery this year.
His first in-person meeting with Yellen, his US counterpart, in more than two years lasted longer than expected on Wednesday, at nearly three hours, and Liu said it was “a very valuable dialogue for both sides”.
“The US delegation needed to catch a flight, so we had to stop the meeting. We could have talked longer if we had time,” Liu said. “The discussion was very professional, candid and profound. We had a comprehensive discussion on the development of China-US relations, the current situation, and how we can step up cooperation.”
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According to the statements issued by the two sides, the two countries agreed to enhance communication to counter economic headwinds and climate change, and they agreed that Yellen would visit China in the near future, and that a reciprocal visit to the US would be arranged.
The Chinese statement said concerns were raised about Washington’s economic, trade and technology policies against China, and that Beijing hopes the US will pay more attention to the policy impacts on both sides.
Liu said in the Phoenix TV interview that they also discussed the issue of tariffs and the listing of Chinese companies in US stock markets.
“We discussed cooperation in climate change, finance, energy, food security and debt relief, while we also expressed our core concerns,” Liu said.
Since presidents Xi Jinping and Joe Biden met in November in Bali, Indonesia, both Beijing and Washington have been seeking to restore communication and prevent bilateral tensions from becoming further strained.
