Import expo shows China's greater openness pledge

BEIJING -- China has reiterated its unswerving commitment to opening its vast market wider at the ongoing fourth China International Import Expo (CIIE). Beijing's latest pledge will not only benefit its domestic development but also inject fresh impetus into the world economy, plagued by the ongoing pandemic.

Chinese President Xi Jinping told the opening ceremony of the CIIE that China will not change its resolve to open wider at a high standard, will not change its determination to share development opportunities with the rest of the world and will not change its commitment to an economic globalization that is more open, inclusive, balanced and beneficial for all.

As unilateralism and protectionism are raising their ugly head amid profound changes unseen in a century, and economic globalization is facing headwinds, Xi's remarks reflected China's consistent determination to open up.

In his speeches at the previous three editions of the CIIE, the term "opening-up" was mentioned 32 times per speech on average.

In promoting opening-up, China is a firm believer in honoring its words with actions.

Over the last two decades, China has delivered on its accession commitments to the World Trade Organization (WTO). Its overall tariff rate has been cut from 15.3 percent to 7.4 percent, lower than the 9.8 percent accession commitment. The measures China announced at the last CIIE for further opening-up have mostly been implemented.

Committed to opening-up brought China, a country not unfamiliar with the price of closed doors, many benefits. In the last 20 years, China's economic size has grown from the 6th to the second-largest globally. Trade in goods grew from the 6th to the 1st place, and trade in services grew from the 11th to the 2nd.

China's gross domestic product (GDP) in the first three quarters of this year expanded 9.8 percent, year on year. It is well above its annual growth target of over 6 percent, with trade being a key driver underpinning China's economic resilience.

China, a country with a population of over 1.4 billion and a middle-income group of more than 400 million people, also shares immense market opportunities with other countries.

According to the official data, the total value of China's imported consumer goods reached nearly 1.6 trillion yuan (about 250 billion U.S. dollars) in 2020, accounting for 11 percent of total imports.

The China-proposed Belt and Road Initiative has grown into the world's largest international cooperation platform and the most popular public good over the past eight years, with over 200 cooperation agreements inked between China and over 170 countries and international organizations.

Meanwhile, the establishment and hosting of a series of open platforms, including the China International Fair for Trade in Services, the China International Consumer Products Expo, and the ongoing CIIE, facilitated the unimpeded flow of trade and provided a much-need boost to the flagging global economy.

As China makes economic globalization more open, inclusive, balanced, and beneficial for all, the fourth CIIE will serve as a new starting point for China's opening to the outside world, inspiring the country to strengthen international cooperation and work for win-win outcomes.

The views don't necessarily reflect those of Qiushi Journal.