Boost to growth po­ten­tial

China Daily (Canada) - - TORONTO -

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

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