Home World News Emerging Markets Much Wider China Comes Thriving World Economy – Experts

Much Wider China Comes Thriving World Economy – Experts

An open China contributes greater momentum to world economy: experts
An open China contributes greater momentum to world economy: experts

Both entrepreneurs and experts agreed that a more open China is contributing greater momentum to the world economy, adding that the unilateral move of the US goes against the times.

PC maker Dell, both a witness and beneficiary of China’s opening up policy, has experienced rapid development since it entered the Chinese market two decades ago, Zhou Bing, vice president of government affairs at Dell China, told People’s Daily in a recent interview.

Dell is among many foreign enterprises that are bullish on the Chinese market. Apple’s CEO Tim Cook believes that China is not only a producer and exporter of goods, but also a country that creates much more opportunities.

Apart from being a major manufacturer, China carries dreams as well, as it is putting great energy to develop advanced manufacturing industry and promote the strategy of “Made in China 2025”, the CEO said.

A World Bank report indicated that China’s trade facilitation has moved up 18 places in the past five years. In 2017, China received a total of $136.3 billion in foreign investment, the world’s second and hitting a historic high, the report said.

An open China is contributing more to global development, which can also been proven by its outbound investment, Li Guanghui, vice-president of the Chinese Academy of International Trade and Economic Cooperation noted.

Li explained that China’s outbound investment has accelerated the industrialization pace of the destination countries, increased their fiscal revenue, boosted their economic growth and improved local people’s livelihood.

Last year, Chinese investment contributed over $30 billion in taxes to destination countries while creating 1.35 million jobs there.

The first China International Import Expo (CIIE), which is scheduled to open in November, is a concrete effort made by China to open its market to the world, and also a public platform built by China to boost global trade.

Feeling cheerful about the expo, Henry Paulson, former US Treasury Secretary and chairman of the Paulson Institute, said as an important and positive signal to the world, it embodies the importance China places.

The CIIE is now undergoing a smooth preparation, with a better-than-expected registration. Over 60 economies have registered for the country pavilion for trade and investment, and enterprises from over 120 countries and regions have signed up for the expo. The exhibition area will be 20 percent bigger than expected.

Chinese Minister of Commerce Zhong Shan pledged that China will remain unswerving in reform and opening up, and will open its door wider and wider to the outside world.

China’s reform and opening up has entered the new era, which will bring more opportunities to the US and the rest of the world, he stressed, furthering that China is opening up out of its free will rather than external forces of intimidation.

A more open China will contribute greater momentum to the world economy, said Yang Fengming, deputy director at the research division of the China Society for World Trade Organization Studies.

Against the backdrop of economic globalization, mutual benefits and win-win results serve as the basic premise to share China’s development results, Yang said, adding that the unilateral move of the US counters the trend of the times, and will eventually shoot itself in the foot.

By Wang Ke, Wu Qiuyu and Qi Zhiming

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