Despite facing the challenges of rising unilateralism and protectionism, China has decided to start a new chapter of opening-up to share growth opportunities with the world.
In a keynote speech delivered Tuesday at the opening ceremony of the Boao Forum for Asia annual conference, President Xi Jinping unveiled new measures for expanding reform and opening-up as China marks the 40th anniversary of the policy this year.
China will broaden market access, create a more attractive investment environment, strengthen protection of intellectual property rights, and take the initiative to expand imports, Xi said.
The reform and opening-up policy has been behind China’s robust growth over the past 40 years, which saw the country become the world’s second largest economy and the largest contributor to world growth.
From 2013 to 2017, China contributed more than 30 percent of world economic growth, more than the combined contribution from the United States, Japan, and the eurozone, the World Bank data showed.
Likewise, the new round of opening-up will not only become a main source of the country’s own development, but also bring opportunities and common prosperity to the whole world.
One of China’s most important decisions in the new round — to make its investment environment more attractive — is a perfect example.
Foreign-invested companies have become an integral part of the national economy, and China treasures their vital role in expanding capital supply, introducing professionals, and advancing market-oriented reform.
In pursuit of a market environment like “fresh air,” China will follow international economic and trading rules, increase transparency, strengthen property rights protection, uphold the rule of law, encourage competition, and oppose monopolies.
With the renewed pledges, China will become well-positioned to achieve high-quality development, the fundamental requirement for determining the development path, making economic policies, and conducting macroeconomic regulation.
Foreign companies will also continue to reap the benefits of investing in China, including cost-effectiveness, a large market, as well as a stable and constantly improving investment environment.
China has also pledged to expand imports, a major and a more direct way to share its development opportunities with the world.
With the world’s largest population, China can provide a huge market for other countries and regions with industrial advantages.
It’s an opportunity that is too great to lose.
With the new commitments, China is shouldering its responsibilities as a large nation and working toward making globalization more open, inclusive, balanced, and beneficial to all.
“I wish to make it clear to all that China’s door will not be closed and will only open even wider!” Xi reassured the world.
As always, China will match its words with deeds, and become an even more important anchor of global economic stability and engine of shared growth.