In a significant move toward further integration with the global economy, China has announced plans to optimize its regional opening up, as outlined in a recent reform resolution released after the third plenary session of the 20th Communist Party of China (CPC) Central Committee.
The resolution emphasizes consolidating the leading role of the eastern coastal areas while promoting greater opening up in the central, western, and northeastern regions. This strategic shift aims to balance regional development and unlock new economic potentials across the country.
China also intends to implement strategies for upgrading pilot free trade zones and accelerate the development of the Hainan Free Trade Port, signaling a commitment to fostering a more conducive environment for international trade and investment.
“We will work to consolidate and enhance Hong Kong’s status as an international financial, shipping, and trade center, support Hong Kong and Macao in building themselves into international hubs for high-caliber talent, and improve relevant mechanisms to see the two regions playing a greater role in China’s opening to the outside world,” the resolution stated.
The plan encourages deeper cooperation within the Greater Bay Area, promoting closer alignment of rules and mechanisms between Guangdong, Hong Kong, and Macao. This initiative is expected to bolster economic synergy and innovation in one of China’s most dynamic regions.
Additionally, China aims to improve institutions and policies to promote economic and cultural exchanges across the Taiwan Strait, advancing integrated development and fostering closer ties with the Taiwan region.
The comprehensive reform underscores China’s dedication to modernization and its proactive approach to embracing globalization while ensuring balanced regional growth and stability.
Reference(s):
China pledges to optimize opening up layout in reform resolution
cgtn.com
