China means business when it comes to opening up

China and USA
China and USA

A slew of substantial opening-up measures recently announced by China, covering financial, trade and investment fields, all say one thing: China intends to be more open, and means it.

China announced a decision to make Hainan island a pilot free trade zone and gradually a free trade port with Chinese characteristics on Friday. A free trade port represents the highest level of opening-up.
The landmark decision was immediately followed by a string of measures backing Hainan’s efforts to deepen reform and opening-up, released by the central authorities Saturday.

China delivers on its promises and vows to significantly broaden market access. The measures include easing foreign equity restrictions in the industries of automobiles, ships and aircraft, significantly lowering the import tariffs for automobiles and reducing import tariffs for some other products. A timetable for further opening the financial sector was also disclosed by central bank governor Yi Gang during the Boao Forum for Asia annual conference in Hainan Province from April 8 to 11.

Such major moves to facilitate trade and liberalize investment have been widely appreciated, and will add certainty and momentum to the global economy, which is beset by the headwinds of rising protectionism.

They underline the fact that China is committed to further opening up the country to the world through its actions. The new actions in opening-up should put an end to doubts about the country’s resolve to continue market-oriented reforms.

Obviously, such planned moves have sent a strong message that China is firmly advancing reform and opening up at its own pace. They are also part of efforts to turn the spirit of the 19th Communist Party of China (CPC) National Congress into action.

With opening-up a fundamental national policy, China has made significant development achievements over the past 40 years, becoming the world’s second largest economy and currently contributing about one-third of world growth.

On course to achieving a “moderately prosperous society” by 2020 and a great modern socialist country by the middle of the century, China is determined to make new ground in pursuing opening-up on all fronts as the nation pursues high-quality development and develops a modern economy.

As this year marks the 40th anniversary of reform and opening-up, China will launch a number of landmark opening-up measures.

In today’s world of multi-polarization and economic globalization, it is right and wise for countries to seek opening-up and win-win cooperation for common development. After all, cutting deficit in peace, development and governance needs development, cooperation and dialogue.

A Cold War mentality, unilateralism and protectionism, are all against the tide of history, and bring nothing good to world peace, development or improving global governance.

Since its accession to the World Trade Organization (WTO), China has actively fulfilled its obligations, having cut its overall tariff level from 15.3 percent to 9.8 percent. Yet some WTO members still refuse to meet their own obligation in order to pursue protectionism practice against Chinese exports.

A beneficiary, active participant and contributor of globalization, China has no reason to backtrack from opening up. The country will adhere to its path of opening-up to create more opportunities for itself and the world to “build a community with a shared future for humanity.”

Sincerely and seriously, China does what it says in terms of its wider opening. China will never lock itself in a dark room, and the door of its opening-up will only open even wider. Enditem

– Xinhua writer Li Laifang

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