China Development High-Level Forum Opens... Lee Jae-yong, Tim Cook and Other Senior Officials Attend in Large Numbers

Offline Event Held After 3 Years Due to COVID-19 Impact
"Confidence in Achieving China's 5% Domestic Growth Target"

China's first large-scale offline international conference since the abandonment of the 'Zero COVID' policy, the China Development High-Level Forum (hereinafter referred to as the Development Forum), opened on the 25th at the Diaoyutai State Guesthouse in Beijing.

Under the theme "Economic Recovery: Opportunities and Cooperation," the forum, held until the 27th, is expected to be attended by about 100 senior executives from global companies such as Lee Jae-yong, Chairman of Samsung Electronics, and Tim Cook, CEO of Apple, as well as senior officials from China's central government departments, heads of state-owned enterprises and financial institutions, and prominent domestic and international scholars.

At the 'Economic Summit' held on the first day, Han Wenshu, Deputy Director of the General Office of the Central Financial and Economic Affairs Commission of the Chinese Communist Party, who spoke as a keynote speaker, said, "China currently faces no clear inflationary or deflationary pressures," adding, "there is relatively ample room to implement monetary policy."

Deputy Director Han emphasized, "China is confident in achieving this year's growth target of around 5%." He also expressed determination not to be deterred by U.S. sanctions and decoupling, stating that China will turn external suppression and pressure into an opportunity for growth.

He said, "We welcome investments from companies around the world and hope that foreign companies will cultivate the Chinese market with a long-term perspective," adding that long-term investment in China can yield "big catches."

Tim Cook, Apple CEO, who attended a separate session, said he plans to increase spending on rural education programs in China to 100 million yuan (approximately 18.9 billion won), emphasizing, according to Bloomberg News, that "in a rapidly changing world, it is important for children to develop both computer coding skills and critical thinking abilities."

At this conference, China will explain its position and plans regarding the reconstruction of global industrial chains linked to the U.S.-China strategic competition, efforts to expand domestic demand to achieve this year's 5% growth target, and express its willingness to further open up to attract foreign investment.

Since its establishment in 2000, the Development Forum has become a major platform for China's external economic exchanges. It is hosted by the Development Research Center of the State Council, the Chinese administrative body, and organized by the China Development Research Foundation. This is the first time in three years that the forum is being held offline.