BEIJING (Reuters) – China’s commerce ministry mentioned on Wednesday it will continue to push for the relaxation of marketplace access for foreign investors, renewing efforts to lure foreign capital as the world’s second-biggest economy emerges from 3 years of COVID disruptions.

As China reopens just after dropping its zero tolerance policy for COVID-19 in December, convincing foreign investors to return to China will assistance reinvigorate an economy that grew at its slowest prices final year in half a century.

China will “assistance foreign businesses seize the chance to deepen their presence in China,” Shu Jueting, a commerce ministry spokesperson, told reporters.

Shu told reporters that China will also “steadily expand institutional openness.”

A day earlier, China restored the issuance of all categories of visas to foreigners in a move that was largely welcomed by foreign organization groups in the nation.

China’s fresh efforts to court foreign investors and enterprises also came as international uncertainties, from wars to bank crises, push them to search for new protected havens.

“With a vast and open marketplace, China is confident to offer even higher organization possibilities for foreign businesses in China,” former premier Li Keqiang mentioned in his final government perform report at this year’s parliamentary meeting earlier this month.

“We should really enhance solutions for foreign-funded businesses and facilitate the launch of landmark foreign funded projects.”

Final year, the Chinese economy expanded just three%, weighed down by restrictive COVID policies, a deep house slump and weak external demand for Chinese goods.

On Tuesday, Goldman Sachs raised its forecast for China’s gross domestic item development this year to six% from five.five%.

The commerce ministry’s Shu mentioned nearby governments and firms report that a drop in orders remains the largest challenge for 2023 trade improvement.

(Reporting by Joe Money, Liangping Gao and Ryan Woo Editing by Jacqueline Wong and Bernadette Baum)

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