China Urged to Overhaul Local Investment Strategies for High-Quality Economic Growth

Chinese regions must implement 'significant changes' to attract investments, according to a state-run newspaper.

The publication urged regional authorities to revamp their approaches to securing investments, stating that old tactics are now ineffective.

A state-run newspaper has called on regions across China to shift focus from relying on land sales and tax breaks, advocating instead for the enhancement of industrial networks and the betterment of business conditions to draw in investments, according to a front-page editorial.

"China's expansive marketplace, characterized by its immense size and potential for growth, continues to be a substantial benefit and a stable base for adapting to evolving conditions," it stated.

"Nevertheless, ongoing challenges such as regional favoritism and segmented markets remain obstacles to achieving high-quality economic growth."