China means business when it comes to opening-up
BEIJING — A slew of substantial opening-up measures recently announced by China, covering the fields of finance, trade and investment, all say one thing: China intends to be more open, and will accomplish it.
China announced a decision last Friday to make Hainan island a pilot free trade zone and gradually a free trade port with Chinese characteristics. A free trade port represents the highest level of opening-up.
The landmark decision was immediately followed by a string of measures backing Hainan’s efforts to deepen reform and opening-up, released by the central authorities on Saturday.
China delivers on its promises and vows to significantly broaden market access. The measures include easing foreign equity restrictions in the automobile, ship and aircraft industries, significantly lowering the import tariffs for automobiles and reducing import tariffs for some other products. A timetable for further opening the financial sector was also disclosed by central bank governor Yi Gang during the Boao Forum for Asia annual conference in Hainan province from April 8 to 11.
Such major moves to facilitate trade and liberalize investment have been widely appreciated, and will add certainty and momentum to the global economy, which is beset by the headwinds of rising protectionism.
They underline the fact that China is committed to further opening the country to the world. The new actions in opening-up should put an end to doubts about the country’s resolve to continue market-oriented reforms.
Obviously, such planned moves have sent a strong message that China is firmly advancing reform and opening-up at its own pace. They are also part of efforts to turn the spirit of the 19th National Congress of the Communist Party of China into action.
With opening-up a fundamental national policy, China has made significant development achievements over the past 40 years, becoming the world’s second-largest economy and currently contributing about one-third of world growth.
On course to achieving a “moderately prosperous society” by 2020 and a great modern socialist country by the middle of the century, China is determined to make new ground in pursuing opening-up on all fronts as the nation pursues high-quality development and creates a modern economy.
As this year marks the 40th anniversary of reform and opening-up, China will launch a number of landmark opening-up measures.
In today’s world of multi-polarization and economic globalization, it is right and wise for countries to seek opening-up and win-win cooperation for common development. After all, cutting the deficit in peace, development and governance needs cooperation and dialogue.
A Cold War mentality, unilateralism and protectionism go against the tide of history, and contribute nothing to world peace, development or improving global governance.
Since its accession to the World Trade Organization, China has actively fulfilled its obligations, having cut its overall tariff level from 15.3 percent to 9.8 percent. Yet some WTO members still refuse to meet their own obligations in order to pursue protectionism against Chinese exports.
A beneficiary of, active participant in and contributor to globalization, China has no reason to backtrack from opening-up. The country will adhere to its path of opening-up to create more opportunities for itself and the world to “build a community with a shared future for humanity”.
Sincerely and seriously, China does what it says in terms of its wider opening. China will never lock itself in a dark room, and its doors will only open even wider.