China to further expand opening up, boasts strong appeal
By He Yin, People’s Daily
In recent years, China has firmly expanded opening up and deepened international economic and trade cooperation with mutually beneficial outcomes. The country has well promoted high-quality development with high-level opening up.
Advancing high-level opening up is integral to building a new development pattern and pursuing high-quality development. China has actively built a “dual circulation” development paradigm, in which domestic and overseas markets reinforce each other with the domestic market as the mainstay.
Promoting high-level opening up can help domestic circulation improve its efficiency and quality with international circulation, and promote the integration at the stages of production, distribution, circulation, and consumption. It will usher in a higher-level dynamic balance in the Chinese economy as a result.
China is the world’s second-largest economy, which features strong resilience, tremendous potential and great vitality. It enjoys significant advantages in promoting high-level opening up.
The country is home to more than 1.4 billion people, including over 400 million middle-income earners. The middle-income group will keep expanding and the consumption structure will keep optimizing, which lays a solid foundation for promoting high-level opening up.
China is also a country that boasts the world’s most complete industrial system. Therefore, it is able to gather global factors and resources and thus build industrial and supply chains that are more innovative, secure, reliable and higher value-added. It guarantees the security for promoting high-level opening up.
China’s rapid technological development, mature national innovation system and improved innovation capability also inject a strong impetus into promoting high-level opening up.
China’s firm steps to advance high-level opening up create huge opportunities for its own development and also drive the recovery of the global economy.
As economic globalization is facing headwinds with rising protectionism over the recent years, China continued expanding high-level opening up and kept optimizing its business environment.
It has practically promoted high-quality Belt and Road cooperation, promoted the implementation of the Regional Comprehensive Economic Partnership and built the world’s largest free trade area.
China has been the world’s largest trader in goods for consecutive years, with an average annual growth of 8.6 percent in the past five years. It remains a major destination for global investment and a leading country in outbound investment.
As the global economy continues to face grave challenges and the global recovery still remains unstable and unbalanced, China is steadily expanding institutional opening up based on rules, regulations, management and standards, making important contributions to sharing development opportunities and achievements of economic globalization with other countries.
Zamir Awan, a sinologist for the Chinese Studies Center of Excellence at the National University of Sciences and Technology in Pakistan, noted that China’s opening up policies bring win-win cooperation, which benefits the whole world.
China’s economic growth over the past years has been achieved with a commitment to opening up. In the same vein, the high-quality development of China’s economy in the future can only be guaranteed with greater openness.
The government work report of the country this year stressed to widen market access, promote further opening up of modern service industries, and grant foreign-funded enterprises national treatment. It also vowed to improve services for foreign-funded companies and facilitate the launch of landmark foreign-funded projects.
This demonstrated to the world China’s sincerity and determination to promote development and win-win results through opening up.
As China unswervingly advances opening-up to cover more fields in a broader scope and at a greater depth, it will surely make greater contributions to global recovery.
Brazilian economist Ronnie Lins noted China’s commitment to promoting high-level opening up and comprehensively deepening reform will keep the gigantic ship of the Chinese economy in a lane of high-quality development and create huge opportunities for the global economy.
Opening up is a basic state policy of China, and also the hallmark of contemporary China. On the new journey, China will conform to the trend of economic globalization, pursue a more proactive opening up strategy, and build a new development pattern with high-level opening up, so as to build an open world economy and let the gains of development benefit more people across the world in a more substantial and equitable way.
