China continues to open its doors wider to world

Editor’s note: The ongoing trade frictions with the United States will not close China’s doors, comments Niutanqin, a popular columnist, in a web post. Excerpts:

In the first three quarters of this year, China’s foreign trade was 22.28 trillion yuan ($3.22 trillion), with about 50 percent of the products made in China part of the global supply chain.

Over the past few years, China has further opened its market entry to foreign companies, shortened the negative list, strengthened intellectual property rights protection and taken concrete measures to expand its imports. These efforts have paid off.

In the first half of this year, a report of the United Nations Conference on Trade and Development stated that the foreign direct investment China attracted grew by 6 percent year-on-year, while the global FDI fell by 41 percent. China remains the destination of choice for the most foreign investment.

In the first nine months of this year, nearly 46,000 enterprises funded by foreign investment were founded in China, up 95.1 percent year-on-year, according to the Ministry of Commerce. By this year, more than 400 of the world’s top-500 enterprises had invested in China.

The world is showing its confidence in China’s economy.

The latest Global Wealth Report of the Credit Suisse Research Institute indicates that by the middle of this year, the total wealth of Chinese families hit $51.9 trillion, second only to that of the United States.

It is highly possible that China will replace the US as the world’s largest consumer market in a few years, and the upgrading of the Chinese people’s consumption will greatly boost manufacturing, trade and economy of the globe.

Rather than closing its doors, China will only open them wider, through which foreign companies can have greater access to its large and growing consumer market, and Chinese consumers will be able to enjoy world-class products and services.