China is setting its sights on accelerating high-level opening-up to invigorate foreign trade and attract investment, as highlighted in the recent Central Economic Work Conference held in Beijing from December 11 to 12. The meeting underscored the nation’s commitment to integrating with global economic standards and enhancing cooperation in emerging sectors.
Expanding Institutional Opening-Up
The conference outlined plans to progressively expand autonomous and unilateral opening-up, emphasizing the development of institutional frameworks and the enhancement of Free Trade Zones (FTZs). Efforts will focus on improving the quality and efficiency of FTZs and expediting core policies within the Hainan Free Trade Port (FTP) to accelerate reform and opening-up initiatives.
“We anticipate significant progress in high-level opening-up next year,” said Wei Jianguo, former vice minister of commerce and vice-chairman of the China Center for International Economic Exchanges. “China aims to align its trade practices with international high-standard economic and trade rules, in step with our modernization goals.”
Experts suggest that by 2025, China intends to fast-track its efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), enhancing foreign investment facilitation reforms.
“The development of FTZs and the Hainan FTP is a crucial part of China’s opening-up strategy,” Wei added. “Hainan serves as a model for high-level opening-up, focusing on trade and investment liberalization and facilitation.”
Driving Foreign Trade Transformation
The conference also urged the active development of service trade, green trade, and digital trade, recognizing these areas as key drivers in China’s trade transformation. New business models, such as cross-border e-commerce, are reshaping the foreign trade landscape and contributing to economic growth.
“While expanding our manufacturing sector, we are accelerating opening-up in services and trade,” noted Deng Yu, a senior researcher at the Shanghai Finance and Development Laboratory. “China’s commitment to opening-up strengthens foreign investors’ confidence in our market.”
Despite global challenges, China attracted approximately $163.3 billion in foreign direct investment (FDI) in 2023, maintaining its position as the world’s second-largest FDI recipient. Notably, the proportion of FDI in high-tech industries rose to a historic high of 37.3 percent.
Wen Bin, chief economist at China Minsheng Bank, emphasized that the digital and green economies are central to global growth and China’s foreign trade evolution. “These sectors are pivotal for economic development and offer new advantages in foreign trade,” he said.
Looking ahead, China’s unwavering commitment to high-level opening-up is expected to benefit more countries and regions, driven by its vast market potential and focus on high-quality development.
Reference(s):
China's economic conference highlights high-level opening-up
cgtn.com
