China remains popular destination for foreign investment: FM spokesperson

BEIJING, May 17 -- With China's steady economic growth, the country will remain a driver of global economy and a popular destination for foreign investment, Chinese foreign ministry spokesperson Wang Wenbin said on Friday.

Wang made the remarks at a regular press briefing in response to the Spring 2024 Economic Forecast released by the EU Commission, which adjusted up China's growth forecast for this year by 0.2 percentage points to 4.8 percent. Many international financial institutions have also raised their forecast for China's economic growth this year.

Wang noted that since the beginning of this year, China's economy has continued to pick up and the socioeconomic development has been off to a good start.

He said that in the first quarter this year, the economy grew by 5.3 percent and continued to enjoy greater momentum of rebound. In April, China's manufacturing Purchasing Managers' Index (PMI) stood at 50.4 percent.

Noting that the trend of China's economic rebound further fuels international optimism about China and investing in China, Wang said that international financial institutions, including Goldman Sachs, Morgan Stanley, Citibank and UBS, have recently revised upward China's growth forecast in 2024. Asian Development Bank predicted that from 2024 to 2025, China will account for 46 percent of the economic growth of Asian developing countries. U.S. management consulting firm Kearney said that China has a large economic size and a stable and positive policy environment.

Wang said that in recent years, China has taken steps to abolish all market access restrictions on foreign investment in manufacturing, which gives a strong boost to international investors' confidence.

"China's development is open to the world, and our opportunities are shared by the world," Wang said.

He added that an increasingly open China with a steadily growing economy will surely remain a driver of global economic growth and a popular destination for foreign investment.

Source: Xinhua