China to further encourage foreign investment, push globalization

Zhao Chenxin, deputy director of the National Development and Reform Commission

China will further intensify its efforts to encourage foreign investment, an official with the country’s top economic planner said yesterday.

Zhao Chenxin, deputy director of the National Development and Reform Commission, made the remark at a press conference on the sidelines of the ongoing 20th National Congress of the Communist Party of China.

He also noted that the Chinese economy has posted a notable trend of recovery in the third quarter (Q3) of this year.

On the other hand, Zhao was adamant on China’s will to “unswervingly” expand all-around opening up and push economic globalization toward being more open, inclusive, balanced and beneficial to all.

“There has been misunderstanding about the new pattern of development that is focused on the domestic economy and features positive interplay between domestic and international economic flows,” Zhao clarified.

He said it is wrong to think that by focusing on the domestic economy China will scale back its opening-up efforts or even turn to a “self-sufficient economy.”

Economic globalization has become an irreversible trend, he said, adding that China is already deeply integrated into the global economy and the international system, and the industries of China and many other countries are highly interconnected and interdependent.

He said fostering a new pattern of development is important for China to achieve development that is of higher quality and is more efficient, fair, sustainable and secure. Xinhua