China’s bid for a new open economy to benefit world

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China’s decision to carry out a new round of high-quality opening up and move more swiftly in building a new open economy will not only benefit itself but also the world at large, observers in Thailand commented. wpid-FlagChina-480x320.gif
By carrying out a new round of high-quality opening up, an endeavor highlighted by Chinese Premier Li Keqiang in an annual government work report, China enters a new phase in regard to its opening-up policies, said Prof. Tang Zhimin, director of China ASEAN Studies under Bangkok-based Panyapiwat Institute of Management.
The shift of focus will happen in several aspects, he noted.
Instead of seeking access to market in developed economies and attracting foreign capital, efforts will be focused on promoting cooperation under such initiatives as the 21st Century Maritime Silk Road and the Silk Road Economic Belt, Tang said.
In terms of trade facilitation, the country will focus on forging bilateral and multilateral FTAs, instead of reducing tariffs and eliminating non-tariff trade barriers.
China will also undergo status change from being a major exporter of goods to that of technologies and capital, from purely a receiver of international rules to a crucial party in the global rule-making process, Tang added.
The Silk Road initiative will expedite the export of Chinese equipment, said Huang Bin, a China expert with Kasikorn Research Center, a Thai think tank.
“But more importantly, they will help promote infrastructure, international competitiveness and people’s quality of life in countries involved. Regional connectivity will also be enhanced,” he said.
Huang also noted that the “Made in China 2025″ strategy was one of the highlights of the government work report, saying it would have great impact on China’s economic restructuring and the global economy as well.”
The strategy integrates several factors such as China’s bid to upgrade its industries, the aspirations of Chinese enterprises to go global and key initiatives such as the Maritime Silk Road and Silk Road Economic Belt, he said.
It is hopeful that in the next decade, China will grow into a real manufacturing power that boasts a higher level of technology know-how and competitiveness in the high-end market, Huang said. Enditem

Source: Xinhua

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