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Building New Institutions for a More Open Economy and Promoting Higher-Standard Opening Up

By Qiu Ping Source: Updated: 2023-03-31

We shall expand the scope of opening up.

We must promote the high-quality joint development of the Belt and Road Initiative and strengthen the construction of various mechanisms for mutually beneficial cooperation.

We must guide coastal, inland, and border areas in their efforts to open up, so that they can display complementary advantages and coordinate their development, open up western and border areas further, and accelerate the establishment of links running eastward and westward and across land and over sea.

We need to consolidate and expand international cooperation in the fields of capital, natural and human resources, and technology, improve international market-based allocations of goods, services, and production factors, and facilitate the opening up of various fields to produce synergistic effects.

We must gradually open up our financial and service sectors, deepen interconnections between domestic and foreign capital markets, and systematically internationalize the renminbi. We must also expand multilateral and bilateral economic and trade cooperation and liberate and facilitate trade and investment.

We shall improve platforms of opening up.

We must create new hubs of opening up that have higher levels of openness, better business environments, and stronger radial effects. We need to deepen the reform of pilot free trade zones to grant them greater autonomy, and timely summarize, replicate, and promote institutional innovations.

We need to accelerate the construction of the Hainan Free Trade Port and establish a system of policies and institutions with unique Chinese qualities for free trade ports. We must push forward the innovative development of national-level new areas and development zones and support the development of inland pilot zones for fostering an open economy.

We shall steadily expand institutional openness.

We must ensure that we match the high standards of international market rules, improve the implementation of the management system based on pre-establishment national treatment and a negative list for foreign investment, and protect the rights and interests of foreign investors in accordance with the law.

We need to improve legal guarantees for higher-standard opening up, strengthen the development of rules, regulations, administration, and standards, and improve the national security review system for foreign investment, the anti-monopoly review system, the list-based management system for national technological security, and the unreliable entity list system.

We will participate in the reform of systems that govern the global economy and promote the establishment of equitable new international economic, trade, and investment rules that foster mutually beneficial cooperation.