Chinese official says environmentally friendly high-tech development is key as it aims to revitalize the economy

BOAO, China – China is working on reforms to improve the technology level of its largely manufacturing-based economy and leverage green technologies, which are expected to bring in about $1.4 trillion in revenue annually, the Communist Party says. a senior official said on Thursday.

Zhao Leiji, who heads China’s Rubber Stamp Conference and holds full power over the Party, said, “All countries should ride the express train of China’s development and cooperate in realizing world modernization characterized by peaceful development, mutually beneficial cooperation, and common prosperity.” I sincerely welcome you to do so.” The Politburo Standing Committee said this to business people and other leaders attending the Boao Asia Forum.

The rally, held in Boao, China’s Hainan province in the South China Sea, was a sign of the Chinese government’s efforts to reassure foreign investors spooked by policies that have increased uncertainty for foreign businesses, geopolitical tensions and a slowing economy. This is the latest venue for our efforts.

The Foreign Ministry quoted Zhao as saying at the forum that China’s economy would do well in the long run.

He was quoted as saying, “The fundamentals have not changed.”

China is the world’s second-largest economy after the United States, and excels in fields such as electric vehicles, solar power, wind power, and high-speed rail. However, the country remains heavily dependent on highly polluting coal as a power source for industry.

The government has set a target to reduce China’s energy consumption per unit of GDP by 2.5% this year as part of its efforts to reduce carbon emissions and transition to a greener economy.

“We are accelerating efforts to promote green and low-carbon economic and social development, and strive to achieve peak carbon emissions by 2030 and carbon neutrality by 2060,” the party said. said Mr. Zhao, who ranks third in the pecking order and enjoys strong support. He has a background in managing state-run industries, which account for about a quarter of the economy and help maintain the party’s overwhelming influence over economic, political and cultural life.

Chinese leaders have warned that this year, despite an economic slowdown marked by problems in the real estate sector and the lingering effects of strict virus measures during the pandemic that have disrupted travel, logistics, manufacturing and more. It has set an ambitious goal of economic growth of around 5%. industry.

Zhao also touched on geopolitical topics, saying, “China urges all countries to overcome the old ideas of bloc conflicts and zero-sum games, practice true multilateralism, and build an open world economy.” We urge them to jointly build this.”

This reflects Communist Party leader Xi Jinping’s ambition to make China a leading player in international affairs by challenging the power and credibility of the United States and its Western allies.

China has supported Russia’s invasion of Ukraine and is willing to annex its territory by force if necessary against various neighbors in East Asia, including the autonomous island democracy of Taiwan, a close U.S. ally. He claims and threatens.

But top Chinese leaders have also reiterated China’s intention to continue economic activity. On Wednesday, Mr. Xi met with U.S. business leaders in Beijing and said that despite U.S. tariffs on Chinese imports and efforts to cut off access to advanced technology, particularly for military use, emphasized economic relations.

“China-US relations are one of the most important bilateral relations in the world. Whether China and the US cooperate or conflict has a bearing on the well-being of the two peoples and the future and destiny of humanity,” Xi said. This was reported by China’s state-run Xinhua News Agency.