Build New Mechanisms for a Higher-Standard Open Economy

Build New Mechanisms for a Higher-Standard Open Economy*

November 15, 2024

China will build new mechanisms for a higher-standard open economy and continue to share China’s development opportunities with the world. Opening up is a defining characteristic of Chinese modernization. Since the start of this year, China has lifted all restrictions on foreign investment in manufacturing, and established for the first time a nationwide negative-list system for cross-border trade in services. We have taken systematic steps to further open telecoms, the internet, education, culture, medical services, and other sectors. We have also committed to applying the most demanding international economic and trade rules, including those in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, as part of our plans to steadily increase institutional opening up. We have expanded the coverage of the 144-hour visa-free transit policy to facilitate inbound visits to China, and “China Travel” is growing in popularity around the world. Moving forward, China will introduce more policies for voluntary and unilateral opening up, expand its globally oriented network of high-standard free trade areas, and open its doors even wider to the world.

* Part of the written speech at the APEC CEO Summit held in Lima, Peru.

(Not to be republished for any commercial or other purposes.)