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"WE need to stabilise exports to developed countries and expand exports to emerging markets," said President Xi Jinpin in a recent speech, reported Hong Kong's South China Morning Post.
"Looking around, both developed and emerging nations will make foreign investments a key national policy, which leads to a more competitive landscape in terms of attracting foreign investment," he said.
But alarmingly, China records second-lowest economic growth figure in almost 50 years after Covid-ravaged 2022.
Instead, China should focus on retaining high-quality foreign investment, said President Xi while trade and commercial officials should also attract more capital through regular promotions.
At the end of the two-day tone-setting economic work conference in December, Beijing pledged support for the nation's struggling private sector, while also prioritising restoring and expanding domestic consumption.
According to a McKinsey Global Institute paper, China accounts for 15 per cent of global goods exports, but less than five per cent of service exports and intangible flows, including knowledge, data and ideas.
China's economy grew by three per cent in 2022, falling short of the original growth target of "around 5.5 per cent", while foreign direct investment remained stable and rose by eight per cent to US$189.13 billion last year.
European Union Chamber of Commerce in China Amid economic recovery efforts and moves to stabilise employment, China's State Council said last year that it planned to launch a new infrastructure push by channelling funds towards construction of highways, waterways and port projects.
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