China open to foreign investment, says vice premier in Davos

DAVOS, SWITZERLAND —

China wants foreign investment and will continue to open up to the world, Vice Premier Liu He said Tuesday at the World Economic Forum in Davos, as the Asian giant is experiencing a period of economic slowdown.

The visit by China’s high-level delegation to the annual forum in Switzerland is the first since Beijing began to abandon its “zero COVID” policy, which isolated 1.4 billion people from the coronavirus but also cut off China from the rest of the world. world for three years and stopped foreign investment.

Liu’s comments are the clearest sign that China is seeking to reintegrate and attract international funds amid its efforts to boost an economy that grew just 3% last year, one of its worst records in 50 years, missing a goal of 5.5%.

“China will always promote all-round opening up, and improve the level and quality of that opening up,” the minister said in a speech, mentioning strengthening international cooperation and maintaining world peace 11 times.

Liu stated that “foreign investment is welcome in China and the doors will be much more open.”

The presence of the Chinese delegation in Davos contrasted with the conspicuous absence of Russia, a key ally that it has not condemned for the invasion of Ukraine. He also reflected Beijing’s recent closer rapprochement with other nations.

In Davos, Liu will meet with leaders from other countries and members of the economic community, including chief executives of finance, technology, industrial and consumer companies, a Chinese official familiar with the visit told Reuters.

Lui also said in his speech that he had met many old friends he hadn’t seen since his last appearance in Davos in 2018. Former US Treasury Secretary Lawrence Summers told Reuters he spoke with the minister for more than an hour on Monday. , but did not go into details.

On Wednesday, Liu will meet US Treasury Secretary Janet Yellen in Zurich, the first in-person meeting between the two after three virtual meetings since she took office.

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