CCP Sets Goal to Attract More Foreign Investment at ‘Two Sessions,’ US Ambassador Skeptical

The ruling Chinese Communist Party (CCP) has set attracting foreign investment as an important goal as it discussed a slumping Chinese economy during its Two Sessions top political meetings that concluded last week. But the outside world, including the U.S. ambassador to China, has expressed skepticism towards the CCP’s goal due to its conflicting policies. In the CCP’s government work report from the Two Sessions, the party set the promotion of foreign trade and increasing efforts to attract foreign investment as an important task. Since the international community’s response to China’s mishandling of the COVID-19 pandemic, the Chinese economy has continued to decline. The Chinese real estate market, which accounts for nearly 30 percent of China’s GDP, has been in a long-term slump. The youth unemployment rate remains at a record high, domestic demand is sluggish, foreign investment has withdrawn, and industrial activity and a supply chain exodus from China to other countries continues to impact the Chinese economy. In particular, major Chinese real estate companies have defaulted one after another, making the situation even worse for the CCP....