China’s vows to further open up appear to show Beijing’s changing political motivations

Name: Chinese investors offloading overseas properties
Uploaded: 2023-09-28T14:00:13.000Z
Duration: 10 min 45 s
Description: Chinese investors offloading overseas properties

President Xi Jinping’s latest public comments seen reflecting a growing sense of urgency among central leadership to stimulate economic growth

Analysts suggest that China could roll out stronger economic-support measures at the upcoming third plenum, to get the economy back on solid footing

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President Xi Jinping, pictured last month at a Brics summit in Johannesburg, South Africa, has made fresh vows that China will further open up to the world. Photo: Reuters

Mandy Zuoin ShanghaiandFrank Chenin Shanghai

Published: 10:00pm, 28 Sep 2023Updated: 11:11pm, 28 Sep 2023

President Xi Jinping’s speech on Wednesday about economic reform and opening up has raised hopes that those guiding the world’s second-largest economy could have stronger political motivations to shore it up, and investor confidence along with it.

But scepticism remains over how far policymakers will go ahead of the widely anticipated third plenum of the Communist Party later this year – a gathering that typically focuses on economic issues.

At Wednesday’s Politburo study session dedicated to the rules of the World Trade Organization (WTO) and its reform, Xi acknowledged the benefits of the country’s participation in the international economic organisation.

He pledged to further open up while making only a brief mention of security, according to an official meeting readout released by Xinhua.

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Chinese investors offloading overseas properties

This has sent a strong signal that the leadership is prioritising growth amid increasing concerns over Beijing’s emphasis on external and domestic security, according to policy advisers and experts in Chinese politics and economics.