China is taking steps to boost its prospects as a country open to business, investment and innovation.
By retaining Gang and veteran Liu Kun as heads of the People’s Bank of China and the Ministry of Finance, Beijing is emphasizing the importance of stability and consistency in its economic policies.
European leaders hosted in Beijing, including European Council President Charles Michel and German Chancellor, reaffirmed China’s goal of restoring stable diplomatic ties with Western powers.
The meeting between the president and the prime minister of Australia in November last year promoted the development of normal trade and diplomatic relations between their countries.
As China’s economy regains its former strength, the international community must be confident that Beijing’s renewed strength will remain in economic expansion.
In addition to structural problems such as stagnant productivity growth, an acute demographic situation, and the high non-performing debt burden borne by provincial and local state-owned enterprises, China must also address the partners in the room: widespread uncertainty about its geopolitical priorities and direction.
Since such concerns affect China’s foreign investment attitude, there are various mechanisms that the Beijing foreign policy administration should take to promote the revival of the country’s economic situation, strengthen domestic and lagging domestic enterprises, and achieve the common goal.
First of all, let’s assume that economic relations with Europe are going to be truly strengthened. In that case, China must recognize that economic needs, shared principles and values govern the EU. Expanding trade with European economies requires China to tone down its threatening actions and its willingness to appease countries it views as hostile to its growing core interests.
China should also be more constructive in working with Europe to address Ukraine’s challenges.
China’s Pragmatic Foreign Policy: Implications for Iran-Saudi Arabia Relations and Taiwan’s Business Community
Beijing’s announcement to stabilize relations between Iran and Saudi Arabia this month indicated that China could mend the long-standing rivalry between the rival powers. In addition to its involvement in resolving the conflict in Ukraine, Beijing must also tackle the challenge of persuading the global financial and business sectors to be friendly towards Taiwan.
Overall, China should continue to reduce its belligerent attitude and commit to being more open to potential investors. After meeting with the US president in Bali last November, the positive attitude of Chinese diplomats shows that China can create better attitudes about itself.
Regarding the commercial and financial situation, business will only be done if the company believes in stability and a positive future. If Beijing intends to make progress in its economic endeavors following the termination of its zero-COVID approach, it must take a practical foreign policy approach.
BONUS VIDEO: Weekly summary of market news
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