China Courts Foreign Investment, Boosts Consumer Spending to Sustain Economic Growth

• China is working to remove barriers for foreign companies by improving market access, public tendering, and cross-border data flow. The government sees opportunities in increased urbanization and aims to boost consumer spending power.

• Premier Li said China's economy got off to a good start in 2023, citing growth in industrial output, financing, electricity use, transport, and travel. He believes current economic difficulties are not as bad as imagined.

• The government will continue pushing down financing costs and sees trillion-yuan opportunities in industrial equipment upgrades and trade-ins of cars and appliances. It is also supporting AI, biomanufacturing, commercial space, and other emerging tech.

• China welcomes foreign investment to embrace opportunities from its development. It will expand the carbon market and develop renewable energy sources like wind and solar power.

• Increasing urban residency is expected to unlock consumer demand for housing, education, health care, and elderly care services. Each 1% increase represents 14 million rural residents moving to cities.