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New Opening Pattern of China, New Development Opportunities for the World

Submit Time:21-06-2018 | Zoom In | Zoom Out

Author:Qiao Zhaohong | Source:Guangming Daily (May 24, 2018)

Abstract:

This year marks the 40th anniversary of China’s reform and opening up. At the opening ceremony of the Boao Forum for Asia in early April, Chinese President Xi Jinping pointed out that the open gate of China will not close and will only be opened more widely. In just a short period over a month, a series of new opening-up policies have been implemented at an accelerated pace, and China started a new journey of autonomous expansion of opening up.  

Over the past 40 years, China's opening to the outside world has been consistent. Since the 18th National Congress of the CPC, China has marched steadily in opening up to the outside world. The open economic system has been gradually improved, and foreign trade, outbound investment and foreign exchange reserves have consistently ranked at the top of the world. It was clearly pointed out in the report at the 19th National Congress of the CPC that we will make new ground in pursuing opening up on all fronts. At the opening ceremony of the Boao Forum for Asia Annual Conference 2018, President Xi Jinping declared that China will open more widely.  

In short, the remarkable achievements of China's economic development over the past 40 years have been obtained under open conditions, and China's future high-quality development of economy must also be carried out under more open conditions. No country in the 21st century can be fully self-sufficient, says William J. Carroll, professor at the Benedictine University. Learning from each other and exchanging needed goods with each other is conducive to improving people's well-being and upgrading the overall economy of a country.  

Continuing to open wider to the outside world must be built in an environment in which the market plays a decisive role in the allocation of resources. The 19th National Congress of the CPC included this positioning in the Party’s Constitution, which determined in essence that the core of establishing an open economic system is to promote the orderly and free flow of domestic and foreign factors, efficient allocation of resources, and deep integration of markets, and to foster new competitive advantages. While continuing to give full play to the traditional comparative advantages, we will focus on building a more competitive comprehensive cost advantage, to expand new space for an open economy.  

Continuing to open wider to the outside world will fully unleash economic vitality, force reform of the unreasonable allocation of resources, and further stimulate market vitality. By opening up to the outside world and advancing reform in China, it can help build an innovation-oriented country and achieve accelerated growth once again, with far-reaching significance in the world.  

Continuing to open wider to the outside world should be focused on the development of the Belt and Road Initiative. The Belt and Road Initiative is a new exploration by China in global governance and an inevitable requirement for building a new pattern of all-round opening up in China. The Belt and Road Initiative will contribute to the formation of a new pattern of comprehensive opening up in China, which will not only involve the inward and outward opening of continent and ocean, but also the opening of two-way economic cooperation between the east and west. This will further raise the level and height of opening up.  

In the second half of this year, China will hold an international import expo in Shanghai. This is a major action of China in its firm support to trade liberalization and economic globalization, and its initiative to open market to the world, it is will promote the countries all over the world to strengthen economic and trade exchanges and cooperation and boost global trade and world economic growth.  

Overseas personage generally believed that the connection of demands of China with the high quality supplies of the world and taking initiative to expand imports is an important way to realize mutual benefit and win-win cooperation, not only can it better meet the Chinese people's ever-growing need for a better life, but also provide broad market for overseas products with special advantageous features.  

On the other hand, China's expansion of opening up has injected positive energy into economic globalization. China can use its own development experience to lead the reform of the mechanism of economic globalization, promote economic globalization in a more open, inclusive, generally preferential, balanced, and win-win direction, so that different countries, strata and people can share the opportunities brought by economic globalization.  

One of the features in China’s opening to the outside world after the 18th National Congress of the CPC is that more attention has been paid to harmonizing some important ideas of domestic development with those of opening up, so that the domestic development ideas and some ideas of opening to the outside world of China are highly consistent, for example, the five development concepts of innovation, coordination, green, openness and sharing are of some certain reference significance to the economic development of other countries and help improve the economic globalization.  

Today, the new round of opening to the outside world of China, with the Belt and Road Initiative at its core, has added Chinese elements to global economic governance. The Belt and Road Initiative is conducive to the balance of two-way opening-up of “importing” and “going global”. The new situation of opening up requires Chinese enterprises to “go global”, not only to pursue the past goals of opening two markets, using two resources and promoting the international balance of payments, but also to build up the value chain of independent cross-nation production and operation, integrate global resources, and inject new energy to the economic globalization, to demonstrate more humanistic care and achieve mutual benefit and win-win cooperation.  

(Author: Qiao Zhaohong, research fellow of the Institute of China Studies, SASS and research fellow Shanghai Research Center of Socialism with Chinese Characteristics Theoretical System)


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