BEIJING: China has ample policy room to take a myriad of opening-up measures for trade and investment facilitation and liberalization, in order to hedge against external pressure and internal difficulties, senior trade experts and economists said.
Those measures, carried out properly, could enable the country to cultivate a more enabling business climate and further vitalize the nation’s unified domestic market, thereby promoting high-quality development and consolidating the confidence of trading partners and foreign investors, they said.
Their comments came as the annual tone-setting Central Economic Work Conference, which was held in Beijing last week, listed the expansion of high-standard opening-up as one of the nine priorities for economic work in 2024.
Xi Jinping, general secretary of the Communist Party of China Central Committee and Chinese president, delivered an important speech at the meeting, which reviewed the country’s economic work in 2023, analyzed the current economic situation and arranged next year’s economic work.
Zhao Zhongxiu, president of the University of International Business and Economics in Beijing, said: “Facing rising protectionism in the world, China is determined to expand high-level opening-up. The key is firmly pushing forward institutional opening-up and aligning with international advanced levels in areas such as rules, regulations, management and standards.”
“Only through high-standard opening-up could we further improve the socialist market economy system and strengthen the ties and compatibility between the Chinese and international economies, against the background of uncertainties in China-US relations and reorganization of global industrial and supply chains,” Zhao added.
Since the 18th National Congress of the CPC in 2012, Xi has made important statements on China unwaveringly promoting high-level opening-up and clearly demonstrating the country’s confidence and determination to expand opening-up as it pursues progress in Chinese modernization.
While presiding over the second meeting of the Central Commission for Comprehensively Deepening Reform on July 11, Xi emphasized that establishing new systems for a higher-level open economy is a strategic measure to promote reform and development through opening-up, Xinhua News Agency reported.
Experts said the country’s opening-up drive in the next stage is expected to focus on stabilizing foreign investment and increasing openness in the services industry and digital trade. Measures in this regard could range from broadening market access in services sectors such as telecommunications, healthcare, culture and entertainment, and leveling the playing field for all types of market entities, they said.
Wei Jianguo, former vice-minister of commerce, said he expects that China will continue to enhance the market-oriented, law-based business climate that is up to international standards, and abolish regulations that are not in line with the pursuit at central and local government levels. –The Daily Mail-China Daily news exchange item
