China is letting the world’s trade and financial leaders know that it is already embarking on a steady economic recovery, and that it will embrace more international exchanges, days after recalibrating its zero-Covid strategy . The world’s second-largest economy will also be able to safeguard global supply chains and continue to be investor-friendly, Premier Li Keqiang vowed on Friday at the 1+6 Roundtable, an annual dialogue between China and six major international organisations. “We’ll further smooth logistics to ensure stable operations of industrial and supply chains,” Li was quoted as saying by state broadcaster CCTV. “We’ll also facilitate international exchanges and people mobility.” The annual dialogue is a key platform that China uses to communicate its economic policies and role on the world stage. The two-day gathering, in Huangshan city, Anhui province, also marks the first time that the meeting has been held in person in three years. China GDP to top US, but not until around 2035, Goldman Sachs economists say The meeting was attended by heads of the World Bank; World Trade Organization (WTO); International Monetary Fund (IMF); International Labour Organization; Organisation for Economic Co-operation and Development; and Financial Stability Board. “We welcome very much the decisive actions taken by the Chinese authorities … to recalibrate the Covid policies so as to create a better impetus for the revival of growth in China,” IMF managing director Kristalina Georgieva said at a press briefing with the heads of other major economic institutions on Friday. “China’s performance matters [not just] to China – it matters to the world economy, as well.” China’s economic slowdown this year – largely owing to its zero-Covid implementation – has further strained a global economy already haunted by high inflation, aggressive interest rate hikes and the Russia-Ukraine war. China is almost certain to fall short of its original gross domestic product (GDP) growth target of “around 5.5 per cent” for this year, with the rate reaching just 3 per cent in the year’s first three quarters. Excited to be in China and meet again with Premier Li. Very constructive discussion on how to bring the world together to address the global challenges of today—like climate change, high debt, & fragmentation. Grateful for 🇨🇳’s continued support for international cooperation. pic.twitter.com/7vIvoCoHjc — Kristalina Georgieva (@KGeorgieva) December 8, 2022 Beijing’s U-turn in pandemic control has raised its 2023 economic prospects, though many analysts have warned that the impact of the pandemic, as more infections appear, could linger for one or two quarters. The retreat from zero-Covid “will help remove one set of uncertainties” in a world reeling from the pandemic, the war in Ukraine and climate change, said WTO director general Ngozi Okonjo-Iweala at the same briefing. The market is now expecting China to set a GDP growth target of around 5 per cent for next year, as the top leadership has vowed to prioritise the stabilisation of the economy, employment and price levels next year. China will soon convene its annual central economic work conference to set 2023 targets. The 67-year-old Li, who will retire from his decade-long premiership in March, continued to defend Beijing’s approach to economic reform and opening-up to unleash long-term growth potential. “China’s doors will be opened wider,” he pledged. During my meeting with Premier Li Keqiang, I thanked him for his hospitality here in China. We held wide-ranging talks on the global economic outlook, COVID19 re-openings, unsustainable debt in developing countries & global public goods. Readout: https://t.co/5qWzb2BtJp pic.twitter.com/cu9vn8XZlD — David Malpass (@DavidMalpassWBG) December 8, 2022 When meeting with the IMF’s Georgieva a day earlier, Li said China would continue to strengthen macro-policy coordination with all parties to restructure global sovereign debt and reduce the risk of a debt crisis, while also tackling climate change and promoting a global economic recovery and sustainable development. As the world’s biggest sovereign lender to developing countries, China has come under criticism for its perceived lack of participation in a global effort to lessen developing nations’ debt burdens. “China will implement the G20’s Debt Service Suspension Initiative in all respects, and work with relevant G20 members to formulate and participate in a fair and equitable debt-restructuring plan,” Li added. World Bank president David Malpass, who also met with Li, said: “We look forward to China’s participating actively with us in broader discussion on sovereign debt restructurings.” Additional reporting by AFP, Bloomberg