China's Strategic Economic Shift: A Focus on Balance and Openness

China emphasizes an open economic approach, aiming to import high-quality products, reduce trade surplus, and invite foreign investment. Ding Xuexiang stresses multilateralism as essential for global peace and development during the World Economic Forum amid US tariff concerns. China's growth faces internal challenges despite a 5% GDP target.

In a strategic move to bolster its economy, China is focusing on balance and openness, aiming to import more high-quality goods and services. Vice Premier Ding Xuexiang, speaking at the World Economic Forum in Davos, highlighted the importance of multilateralism for global peace and development amid looming US tariff threats.

Ding emphasized that protectionism offers no real winners, urging cooperation and mutual benefit through economic globalization. China's efforts to stimulate its faltering economy come as concerns mount over potential US tariff hikes, despite President Trump's initial restraint since his return to the White House.

China continues to welcome foreign investment, promising to address issues faced by domestic and international companies. The Davos summit, a gathering of global economic leaders, also highlighted ongoing challenges in China's economic growth, with a 5% GDP target overshadowed by internal struggles and external uncertainties.

(With inputs from agencies.)