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China Strives to Create New Opportunities of Development Shared with the World

By Qiu Ping Source: Updated: 2022-11-28

The report to the 20th National Congress of the Communist Party of China (CPC) stressed that "China is committed to its fundamental national policy of opening to the outside world and pursues a mutually beneficial strategy of opening up. It strives to create new opportunities for the world with its own development and to contribute its share to building an open global economy that delivers greater benefits to all peoples." As a solemn declaration that China is tenaciously committed to opening up in the new era, and that China will deliver more benefits to the world through its own development, it fully demonstrates the responsibilities of a large political party in a major country.

Openness has become a trademark of China today. In the past decade of the new era, the CPC Central Committee with Xi Jinping at its core has pursued a more proactive strategy of opening up. China has accelerated the development of its pilot free trade zones and the Hainan Free Trade Port. Working together with other nations, it has launched the Belt and Road Initiative as a public good and a cooperation platform welcomed by the international community. A major trading partner with more than 140 countries and regions, China tops the world in total volume of trade in goods, and is also renowned for both inbound and outbound investment. Through these efforts, it has advanced a broader agenda of opening up across more areas and more regions in greater depth. From 2013 to 2021, China contributed more than 30% on average to world annual economic growth, rivaling any other country. China has, therefore, become a major engine and stabilizer of the world's economic growth. These facts demonstrate that China has grown by embracing the world, while the world is benefiting from China's opening up.

General Secretary Xi Jinping has made it clear on many occasions that China's door will never be closed; it will only open still wider. China's economic growth over the past decades was achieved with a commitment to opening up. In the same vein, our development in the future can only be assured with greater openness. The report to the 20th CPC National Congress has clearly pointed out that we should "promote high-standard opening up, and scale up efforts to foster a new pattern of development that is focused on the domestic economy and features positive interplay between domestic and international economic flows." This new pattern is neither a retreat on our commitment to continued opening up, nor a step towards isolation from the world community. In China's deep integration into the global economy, its industries have become highly interconnected and interdependent with those of other countries, and our market complements and reinforces the international market. We will stimulate domestic demand and explore more efficient ways to better connect domestic and foreign markets and share factors of production and resources. Through this endeavor, China will create a larger market and more opportunities for itself and the world, thereby providing stronger and more sustained impetus to economic globalization.

On our journey in the new era, China will implement the strategic plans as specified by the 20th National Congress of the CPC. It will steadily expand institution for opening up with regard to rules, regulations, management, and standards, fostering a world-class business environment that is market-oriented, law-based, and internationalized in order to make China a trader of quality. It will promote high-quality development of the Belt and Road Initiative and the internationalization of the RMB in an orderly way. China will also be a partner in the global industrial division of labor and cooperation to preserve the diversity and stability of the international economic landscape and trade. China is committed to the right course of economic globalization. It strives to promote the liberalization and facilitation of trade and investment, advance bilateral, regional, and multilateral cooperation, and boost international macroeconomic policy coordination. It is determined to work with other countries to foster an international environment conducive to development and to create new drivers for global growth. China opposes protectionism, erection of "fences and barriers," decoupling, disruption of industrial and supply chains, unilateral sanctions, and maximum-pressure tactics. China is prepared to invest more in global development cooperation, in order to narrow the North-South gap and support other developing countries in accelerating their development.