China tells Davos it is back, in speech filled with talk of peace and co-operation

Davos, Switzerland — China welcomed foreign investment and would continue to open up to the world, the country’s vice-premier, Liu He, told the World Economic Forum (WEF) annual meeting in Davos on Tuesday.

The country was confident that its economy would return to its normal growth trend in 2023, and expected a noticeable increase in imports, corporate investments and consumption, he added in a speech that mentioned strengthening international co-operation and maintaining world peace 11 times.

Beijing would also continue to support the private sector, promote fair competition and deepen reform of its state giants, he added, saying that some suggestions that it could return to a planned economy path were impossible.

“China will always promote all-round opening up, and improve the level and quality of opening up,” he said. “Foreign investments are welcome in China, and the door to China will only open up further.”

Liu’s visit to the Swiss ski resort marks the first trip abroad by a high-level Chinese delegation since Beijing abruptly began dropping its “zero-Covid-19” curbs in December, which had shielded its 1.4-billion people from the virus but also cut off China from the rest of the world for the past three years.

His comments mark one of China’s most explicit signals that it is keen to re-engage on key issues and attract investment as it tries to jump-start an economy that grew just 3% in 2022, one of its worst performances in half a century and missing a target of 5.5%.

Its Davos turnout also contrasts with the conspicuous absence of Russia, a key ally and whose invasion of Ukraine China has refused to condemn.

Recent weeks have seen a thawing in relations between Beijing and Canberra after a change in Australia’s government, paving the way for China to resume coal imports from Australia after a three-year halt.

In November, Chinese President Xi Jinping and US President Joe Biden met on the Indonesian island of Bali, and the two sides agreed to follow-ups including a planned visit to China by US secretary of state Antony Blinken in early 2023.

At Davos, Liu will meet leaders from other countries and members of the business community including CEOs from finance, tech, consumer and industrial companies, a Chinese official familiar with the matter told Reuters.

On Wednesday, he will meet US treasury secretary Janet Yellen in Zurich, their first in-person meeting, though they have met virtually three time since she took office. 

Reuters