MNI BRIEF: China Growth Recovering, Investment Welcome - NDRC

China's top economic planning agency, the National Development and Reform Commission, said the economy is recovering and will continue to open up and welcome foreign investment.

The NDRC told a 20th Party Congress press conference on Monday that economic indicators were showing upward momentum, highlighting "low inflation" and "stable" unemployment. "China’s economy has shown resilience in the face of the Covid and external factors and continues to recover”, Zhao Chenxin, Vice Chairman of the NDRC said.

Zhao said “China will not scale back on opening up”, adding that high quality foreign business investment is an important part of the New Development Pattern, the flagship economic concept promoted by President Xi Jinping to deliver high quality growth.

China will continue to invest in its energy infrastructure. “China will continue expansions in solar, thermal and nuclear energy,” said Ren Jingdong, Deputy Director of the National Energy Administration. The use of coal will act as “ballast,” he said.

China will also take measures to increase reserves of key commodities. “Reserves should be at levels required to keep price and supply secure,” said Cong Liang, Director of Food and Strategic Reserves.