Xi leads China in efforts to pursue higher-level opening up

PEKIN -. President of China, Xi Jinping, has led the country in its efforts unswervingly opening highest level in a world increasingly complex in which economic globalization is facing headwinds with a threat that hangs over multilateralism and free trade

"China has made an important decision to pursue a new round of high opening level, a new initiative to further expand access to the market for the rest of the world," said Xi in his keynote address at the Expo China International first import in 2018.

Two years later, the country has made great progress in exploring new levels of openness, fostering an environment of world-class business and promoting international cooperation, among others.

Institutional opening

Unlike the basic opening of factors merchandise and market, China now aims to establish a new opening round with institutional and systemic openness.

The country has committed to promoting a new development model, where domestic and fo reign markets may increase each other, with the domestic market as the mainstay.

Under this new model of development, China will strive to improve resource allocation, seek coordinated regional development, and open the economy further.

to the unleash the potential of the domestic market, both domestic and foreign markets can be better connected and are used to achieve sound and sustainable development, Xi told a symposium of business in July, adding to do the domestic market the pillar does not mean that China is developing its economy with its doors closed

China must create a market-oriented environment based on law and international business .; apply the negative list of market access and foreign investment law; expand access to the market, and facilitate trade and investment, Xi added.

In the pursuit of high-level opening up, China launched a master plan in early June in the construction of the island province of Hainan in an influential global free trade port, and later opened three new pilot zones free trade (FTA) in Beijing, Hunan and Anhui in September, bringing the total number of zones to 21.

speaking at a meeting to celebrate the 40th anniversary of the establishment of the special economic Zone Shenzhen (SEZ) in October, Xi encouraged SEZs of China to advance reform and opening up a starting point higher and welcomed foreign countries to participate more in reform, the opening and development of SEZs.

closer relations with the world

Noting that the international community has concerns about the prospect of economic globalization, said Xi in August that economic connectivity and exchanges remain a requirement target for global economic development.

has assured that China will provide more extensive market opportunities for other countries.

concrete measures Meanwhile, China has taken for the world to participate in its development.

A number of limits on foreign investment in China's financial market were scraped in April and May, while the negative list for foreign investment has been reduced again to reduce the number of sectors that are off limits to foreign investors.

processing a 0.7- percent growth year on year during the first nine months, China is the first major economy to grow again after the fall of the economy of the epidemic COVID- 19.

foreign trade in goods of the country amounted to 23.12 trillion yuan (about 3.45 trillion US dollars) in the first three quarters, up 0.7 percent year on year, the downshift he reported back in the first two quarters.

While foreign direct investment (FDI) projects step by up to 40 percent in 2020 amid the problems of the pandemic, FDI in the main Chinese land, in actual use , expanded by 25.1 percent year on year to 99.03 billion yuan in September, the sixth consecutive month of positive growth in FDI for the country.

In July, 18 CEOs of the Global CEO Council, which groups

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