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Nation remains committed to reform, opening-up

Pub Date:2020-08-26 08:21 Source:China Daily

Strategic choice

The policy comes as China seeks to leverage its huge domestic market and the potential of domestic demand so that domestic and foreign markets can complement each other, as it copes with an external environment characterized by rising protectionism, a global economic downturn and a shrinking international market.

It is neither a contingency plan in response to industrial and supply chains being severely affected by the pandemic nor a forced measure to counter some countries' decoupling with China, said Huang Qifan, former mayor of Chongqing and vice-chairman of the China Center for International Economic Exchanges.

It is a strategic choice China has adopted to step up the coordination of domestic and international markets to make them complement each other through more profound reforms and higher-level opening-up, Huang said in a recent online symposium on China's economy in Beijing.

Given rising protectionism and unilateralism, as well as the impact of COVID-19 on the global economy, Huang said that the more difficult the situation China faces, the more firmly it is committed to expanding opening-up in order to create new prospects from the changing situation.

"We need to boost the international economic cycle with higher-level opening-up," he added.

Since May, a number of new opening-up measures have been implemented in China, such as the liberalization of foreign investment in financial services. On June 1, China released the Overall Plan for the Hainan Free Trade Port, including zero tariffs on specific goods, lower income tax rates and a simplified tax system. Once operational, the port will become another door opening for China to interact with the world.

The third China International Import Expo, expected to be held in Shanghai in November, is considered a sign of China's firm commitment to win-win development through opening-up. It has drawn more registrations from renowned companies compared with last year, and the average exhibition area of Fortune 500 and leading companies will increase by 14 percent, fully demonstrating global businesses' confidence in China's economic growth and prospects.

Xi pledged at last year's expo that China will open wider to the world. In a reply letter to representatives of Global CEO Council members on July 15, Xi reassured the global CEOs that China will continue to deepen reform and expand opening-up, and provide a better business environment for investment and the development of Chinese and foreign enterprises.

Wang Huiyao, president of the Center for China and Globalization, said China's opening-up will not only benefit itself, but also brighten prospects for the world economy amid the current crisis.

"China demonstrated its ability to accelerate global economic recovery during the 2008 financial crisis, and now, amid the COVID-19 crisis, China is capable of helping the world move out of the coronavirus shadow via continued opening-up and multilateral cooperation," Wang said.

Editor:Rita

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