BEIJING: Chinese Premier Li Qiang will participate in the upcoming Davos summit signaling Beijing’s commitment to openness for business, media reports say.
Leading a sizable and high-ranking delegation of government officials, Li aims to showcase China’s engagement with global economic and political leaders. This move follows President Xi Jinping’s attendance at the Davos summit in 2017.
According to media reports, the delegation accompanying Li will include senior officials from key ministries overseeing economic and foreign affairs. This demonstration of strength at Davos is seen as a strategic effort by China to emphasize its global openness and alleviate external pressures. The information comes from sources familiar with behind-the-scenes discussions but chose to remain anonymous.
Beijing is currently contending with challenges in its post-pandemic recovery and is seeking to attract foreign investors. The increased focus on national security and the introduction of vague security laws by President Xi have unnerved overseas investors. In the third quarter of the year, China reported its first quarterly deficit in foreign direct investment since records began in 1998.
Facing a combination of factors, including tepid consumer spending, reduced Western demand for Chinese goods, financial challenges in local governments, and defaults by property developers, China aims to present a positive image at Davos. However, the plans are tentative and subject to change, given the scheduling complexities involving high-level Chinese officials.
The World Economic Forum is scheduled for January 15-19, expecting participation from numerous global business and political leaders. Traditionally overseeing the economy, Chinese premiers have taken on greater responsibilities under President Xi’s leadership, who has centralized power and directed economic policies more assertively.
Li, a career bureaucrat, became China’s No. 2 official in October and played a key role in managing Shanghai’s COVID-19 lockdown. Recently appointed as the head of China’s financial watchdog, the Central Financial Commission, Li continues to navigate the country’s economic policies amid broader restructuring.
