Boost to growth potential
During his just-concluded visit to the US, Chinese President Xi Jinping promised solemnly that China will never close its doors to global investors and businesses.
Opening up has been China’s policy ever since the reform in 1978. It includes three principles that benefit both China and the world: China will use the foreign investment, protect investors’ legal rights and provide better, more convenient services to them.
It was an open door that supported China’s economic development for the past 36 years and made it the second largest economy of the world. The opening-up policy not only allowed Chinese economy to embrace that of the world, but also granted it an innovative mind to reform the outdate bureaucracies to release the potential of growth.
Currently, facing the slowdown and other problems with its economy, China needs more efforts to pass the tests of economic restructuring and transformation. That requires it to cling to the openingup policy and show a more positive and confident gesture toward the world.
Weeks ago, in a jointly released official document, the Communist Party of China Central Committee and the State Council clearly said that opening-up is China’s fundamental policy. In the coming years, China will further boost its potentials of growth and benefit the world with dividends.
Chen Fengying is a senior researcher on economics at China Institutes of Contemporary International Relations