China, a major contributor to global economic growth, has reiterated its commitment to opening up during a key policy meeting, a move expected to provide much-needed certainty and opportunities to a world that has been mired in sluggish growth for years.
The country’s renewed plan for opening up is part of a comprehensive set of reforms outlined in a document released after the third plenary session of the 20th Communist Party of China Central Committee, which was held from July 15 to 18.
China’s efforts toward trade liberalization and investment facilitation have become increasingly crucial amid a growing trend of trade protectionism and the “de-coupling and severing of industrial and supply chains” by some countries.
As a beneficiary of opening up and the integration into the global economy, China believes that reform and opening up remain “essential means” for expanding its development achievements.
In addition to propelling its own development, China has pledged to accelerate its opening up and share its development opportunities with the world in order to develop together and more sustainably.
More importantly, China is advancing from merely facilitating the opening up of goods and factors to strengthening institutional guarantees for greater opening up. While this may incur compliance costs in the short term, it will enhance the country’s trade resilience in the long run and align it more closely with global practices.
China’s continuous efforts to promote opening up and free trade have yielded positive outcomes globally. The Belt and Road Initiative has attracted participation from three-quarters of the world’s countries and significantly boosted international trade and investment. Going forward, China’s commitment to expanding its high-standard opening up remains steadfast, as does its determination to share development opportunities globally. This commitment will continually infuse the Chinese economy with fresh dynamism and vitality, while also creating new opportunities for the world.
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