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Advancing High-Standard Opening Up in the New Era

By Qiu Ping Source: Updated: 2023-06-19

On the new journey of the new era, to advance high-standard opening-up is of vital importance for achieving the Second Centenary Goal and realizing the rejuvenation of the Chinese nation. The following measures may be taken to secure new achievements and break new ground in expanding opening up.

Leveraging the advantages of China's enormous market

By promoting the coordinated development of domestic and foreign demand, imports and exports, trade in goods and trade in services, trade and two-way investment, and trade and industry, we are striving to develop a strong domestic market and turn China into a trader of quality. We will also boost the dynamism and reliability of the domestic economy in order to take the strategic initiative through open development. 

Through continued efforts to pursue the strategic objective of expanding domestic demand, we endeavor to accelerate the development of a modern network for flows of goods and services, promote consumption, and further integrate domestic and foreign trade. 

We will also accelerate the formation of a strong domestic market to give better play to the fundamental role of consumption in economic development, attract resources from around the world with our strong domestic economy and boost the interplay between domestic and international markets and resources.

Promoting stable and high-quality foreign trade and investment 

With regard to foreign trade, we are moving faster to build China into a trader of quality. 

Steps are as follows: upgrading trade in goods, coordinating the development of new formats and models, and importing more quality products; developing new mechanisms for trade in services, continuing to work on a negative list system for managing cross-border trade in services, and building national demonstration zones for innovative development of trade in services; accelerating the development of digital trade, building national bases for digital service exports, creating demonstration zones for digital trade, and boosting the level of digitization.

Regarding foreign investment, we will further shorten the negative list as necessary, put into full effect the new catalog of encouraged industries for foreign investment, and encourage more foreign investment in advanced manufacturing, energy conservation and environmental protection, the digital economy, and research and development. The Foreign Investment Law will be fully enforced to protect the legitimate rights and interests of foreign investors. 

In terms of platforms for opening up, we keep expanding opening at the institutional level, implementing the strategy to upgrade pilot free trade zones, and bringing pilot platforms for comprehensive reform and opening up into play.

Deepening foreign economic and trade relations

Based on the principle of shared growth through discussion and collaboration, we continue to deepen economic and trade cooperation through the Belt and Road Initiative. 

To promote infrastructure connectivity, we keep making further efforts to support the development of China-Europe freight train services, move forward with construction of the New International Land-Sea Trade Corridor, build high-standard overseas economic and trade cooperation zones, and actively promote a Digital Silk Road. 

While expanding the globally-oriented network of high-standard free trade zones, we also work to conclude more high-standard free trade agreements. To consolidate the foundations of bilateral cooperation, we have promoted coordination and sound interaction among major countries, deepened economic and trade relations with neighboring countries, strengthened solidarity and cooperation with other developing countries, and worked to create more mutually beneficial outcomes in cooperation.

Participating in global economic governance

While pursuing true multilateralism, we shall firmly uphold the multilateral trading system, engage fully and deeply in the reform of the World Trade Organization, promote trade and investment liberalization and facilitation, and work to see mechanisms such as the G20 and APEC performing more effectively. China will fully participate in cooperation mechanisms such as BRICS and the Shanghai Cooperation Organization and push for international macroeconomic policy coordination.

By participating in discussions on global issues and rule-making, we are contributing more Chinese insight and solutions in areas such as trade and investment, the digital economy, and green and low-carbon development, and striving for diverse and stable international economic landscape and trade relations.