Over the past four decades, China has undergone a remarkable transformation. From an underdeveloped nation, it has emerged as a global economic powerhouse, becoming the world’s largest manufacturing hub and top trading nation. This remarkable progress is largely attributed to China’s policy of reform and opening-up, which has attracted foreign investment and integrated the nation into the global economy.
As China embraces a new development paradigm, it continues to drive global economic growth and offer fresh opportunities for investors worldwide. The country’s commitment to deeper economic reforms and a more open business environment signals a promising future for global trade and investment.
But how significant has opening-up been in driving China’s economic growth? How can deeper economic reforms further enhance the business environment in China? And what more can we expect in the decade to come as China continues to open up?
To delve into these questions, experts Danny Quah, Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore; Li Daokui, Director of the Academic Center for Chinese Economic Practice and Thinking at Tsinghua University; and Wang Dan, Chief Economist of Hang Seng Bank (China), shared their insights.
They highlighted that China’s opening-up has been a cornerstone of its economic success, facilitating technological advancement and fostering international collaboration. Deeper economic reforms are expected to streamline regulations, enhance market access, and create a more conducive environment for both domestic and foreign businesses.
Looking ahead, China’s continued commitment to opening up is poised to offer unprecedented opportunities. Investors and businesses worldwide are watching closely as China unveils new policies and initiatives aimed at further integrating with the global economy.
The next decade promises to be an exciting time for those engaging with China. As the country opens wider to the world, it not only stimulates its own growth but also contributes significantly to global economic prosperity.
Reference(s):
Deeper reforms, better opportunities: China opens wider to the world
cgtn.com
