Promote Deeper Reform and High-Quality Development Through High-Standard Opening Up

Promote Deeper Reform and High-Quality Development Through High-Standard Opening Up*

September 27, 2023

The World Trade Organization (WTO) is a key pillar supporting multilateralism and an essential platform for global economic governance. The need for reform of the WTO is a consensus among the international community and an irreversible trend of our times. Giving full consideration to both domestic and international imperatives, and better balancing development and security, we should fully understand the urgent need for our country to take part in WTO reform, and the significance of our participation. With a keener sense of responsibility and a stronger drive for innovation, we should fully participate in reforming the WTO and adjusting international economic and trade rules, and promote deeper reform and high-quality development through high-standard opening up.

Accession to the WTO has been a milestone in our country’s opening-up process. In only two decades since 2001, China has seen its total trade in goods increase by a factor of 11. It has become the world’s largest trading nation in goods, and a major trading partner for more than 140 countries and regions. It contributes an annual average of almost 30 percent of global economic growth. Accordingly, China’s engagement with the WTO has also undergone historic changes, from a passive follower of international economic and trade rules to an active implementer, and then to a major participant in shaping these rules. China’s accession to the WTO has accelerated its development and benefited the whole world. This major decision has proved momentous and correct.

In participating in the reform of the WTO, we will firmly safeguard the authority and effectiveness of the multilateral trading system with the WTO at its core, and actively seek to restore the normal operation of dispute settlement mechanisms under the WTO. We will stand firmly on the right side of history, follow the general trend of economic globalization, take a clear stance in favor of free trade and true multilateralism, resolutely oppose unilateralism and protectionism, reject politicization, weaponization and over-securitization of economic and trade issues, and promote an open world economy. Upholding the vision of a community with a shared future for humanity, we will upgrade and refine our plans for full involvement in the extensive reform of the WTO. We will firmly safeguard the legitimate rights and interests of developing countries, including our own.

Promoting reform and development through opening up is the key to China’s continued success in pursuing modernization. This year marks the 45th anniversary of China’s reform and opening up. We will expand our efforts to promote domestic reform at a steady pace while opening wider to the outside world. We will be more proactive in implementing the most demanding international economic and trade rules, and steadily expand institutional opening up in rules, regulations, management and standards. We will move faster to explore new heights of opening up, build new mechanisms for a higher-standard open economy, and work harder on the new development dynamic. We will foster a world-class business environment that is market-oriented, law-based and internationalized. As China has applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, we will further tap our potential for imports, ease market access, boost deeper multilateral and bilateral cooperation, and make greater efforts to attract foreign investment. We will build China into a strong trading nation, move our trade in goods upmarket, create innovative approaches to our trade in services, and promote digital trade. Through digital and green trade, we will further improve our position in the international division of labor and move up to the medium-high end of the global value chain. At the same time, we must ensure our economic security.

We need to build up our capacity for high-standard opening up. Through extensive surveys and research, and based on our successful experience in opening up, we will strengthen strategic, systematic and forward-looking planning. We must have an accurate and thorough understanding of the latest developments and challenges in the global economic and trade landscape so that we are always well-prepared and can apply appropriate policies and take effective actions. We will better leverage international rules to safeguard our rights and interests in development, and train more people who excel in political reliability, professional competence, and personal integrity to serve high-standard opening up. We must coordinate our efforts in opening up and security, safeguard national security and interests by tackling emerging challenges, and pursue cooperation for win-win results.

* Main points of the speech at the eighth group study session of the Political Bureau of the 20th CPC Central Committee.

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