Economic tsar Liu He vows ‘China is coming back’, will keep opening up and supporting private business

Name: A first in 2 years: top economic officials from US and China meet face to face
Uploaded: 2023-01-19T09:02:31.000Z
Duration: 1 min 44 s
Description: A first in 2 years: top economic officials from US and China meet face to face

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

3-MIN READ3-MIN

US Treasury Secretary Janet Yellen meets with Chinese Vice-Premier Liu He in Zurich, Switzerland, on Wednesday. Photo: AP

Wendy Wuin Beijing

Published: 5:02pm, 19 Jan 2023Updated: 9:32am, 20 Jan 2023

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.

In an interview with the Hong Kong-headquartered Phoenix TV after his meeting with US Treasury Secretary Janet Yellen on Wednesday in Zurich, the outgoing vice-premier said his trip to Switzerland was meant to help dispel concerns about China’s economic policies and changes in its Covid strategy.

His comments also came after Tuesday’s announcement that China recorded one of its slowest economic growth figures in the past half-century, with a full-year growth rate of 3 per cent in 2022.

01:44

A first in 2 years: top economic officials from US and China meet face to face

Liu said his mission at the World Economic Forum was to convey China’s policies on opening up, reform and development following the 20th party congress that took place in October.

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.”