Despite a lower predicted economic growth for 2017, China vows to keep its economy stable and steady, according to President Xi Jinping on Monday during the World Economic Forum held in Davos, Switzerland. Xi ensures China will remain an open market, exerting efforts in repelling protectionism.
Xi, in delivering his keynote speech during a state visit, said that "protectionism, populism and de-globalization" are rising and it is "not good for closer economic cooperation globally. To keep its economic growth steady and stable, China will restructure its economy and upgrade its industries, thereby generating higher demand.
Previously, it was reported that China will work on rebalancing its higher-value-added activities, consumption and services while curbing excess in industrial capacity.
World Bank's latest report recommended reforms to make China in control of its credit growth and to curtail buildup of its external and internal financial risks.
President Xi guaranteed China will expand its open-economy policy on its general manufacturing industry and service sector to attract foreign investments, Reuters reported.
He acknowledged China's economic development is due to opening up of its economy and both China and Switzerland will endeavor together in defying protectionism.
China is some of Swiss companies' second largest market after the United States. Among others, Swiss investors in China include ABB, Schindler and Novartis. Clariant plans to increase the demand for its products in China.
Earlier, China's Premier Li Keqiang assured investors that the government is determined to run its economy smoothly, despite having a lower economic growth in 2017 at 6.5 percent compared with last year's 6.7 percent.
Its customs agency on Friday said it will be tougher for foreign trade to improve in 2017, especially if President Donald Trump will make reforms to restrict China's export business.
Trump cautioned he will impose high tariff rates on China's merchandises, as he labeled China a currency manipulator.