The Widening Road of Opening-up
After the COVID-19 epidemic was effectively controlled in China in early November, China went ahead and held the third China International Import Expo (CIIE) as scheduled. Not only was the scale of participating Fortune Global 500 companies the same as in the previous CIIES, but the exhibition area was larger, indicating that China’s opening-up and international cooperation are constantly advancing.
“We will steadfastly expand all-round opening-up and explore more efficient ways to connect domestic and foreign markets and share factors of production and resources. Our aim is to turn the Chinese market into a market for the world, a market shared by all, and a market accessible to all,” said Chinese President Xi Jinping during a keynote speech delivered via video at the opening ceremony of the third CIIE.
This not only reflects China’s responsibility to uphold a community with a shared future for humankind, but also the country’s practical actions. In recent years, from the financial industry and manufacturing, to the service industry and cross-border investment cooperation, China’s doors have continued to open wider. The diversification of this expansion has also continued to broaden from capital and people talent to scientific and technological cooperation. In addition, the concept of openness has become increasingly influential, covering everything from institutional innovation to participation in global economic governance.
On October 27, about 7,000 Tesla Model 3s made at the Shanghai gigafactory were set for arrival in Belgium at the end of November, with planned deliveries to many countries including Germany, France, and Italy. Despite the globally spreading pandemic, the trend of interconnection and win-win cooperation among countries is irreversible.
This year, in addition to effectively controlling the epidemic and stabilizing domestic economic development, China has taken various measures to maintain the stability of the global industrial and supply chains, while also becoming a stabilizer and a haven for global transnational investment. According to the latest data from the Ministry of Commerce, from January to September, China’s actual use of foreign capital was US $103.26 billion, a year-on-year increase of 2.5 percent, showing a growth against the trend.
Astrazeneca, an influential international pharmaceutical company, established a base in the Wuxi International Life-science Innovation Campus in April. Novo Nordisk, another foreign-funded pharmaceutical company, announced the launch of the China Essentials program, aiming to boost its research and development (R&D) capability and accelerate innovative drug registration in China.
During the past three years, the country has gradually integrated into the global innovation network, established scientific and technological cooperation ties with more than 160 countries and regions, and participated in more than 200 international organizations and multilateral mechanisms. Multinational companies have established more than 2,000 regional headquarters and R&D centers in China. In 2019, the absorption of foreign investment in China’s hi-tech industry increased by 25.6 percent. Opening-up makes China a favored place for innovation by companies and talented personnel from all over the world.
In the Doing Business 2020 report by the World Bank, China jumped to 31 from 46 last year and joined the ranks of the world’s top 10 most improved economies for ease of doing business for the second year in a row, thanks to a robust reform agenda.
To explore new paths and models for opening-up, China has established 21 pilot free trade zones, and issued the overall plan for the construction of the Hainan Free Trade Port to build a new platform for cooperation with other countries and open new space for economic growth.
China also continues to increase investment in livelihood projects to provide timely help to countries along the Belt and Road, and has intensified in-depth cooperation with them in the fields of education, science and technology, culture, tourism, and health, so as to deepen the relationship between Belt and Road Initiative countries. The growth of new commercial activities and models, such as cross-border e-commerce, has created new development opportunities for these countries. To date, China has signed 200 cooperation documents with 138 countries and 30 international organizations to jointly build the Belt and Road, and jointly carried out more than 2,000 cooperation projects. The cumulative total of trade in goods between China and countries along the routes exceeds US $7.8 trillion, and China’s direct investment in these countries exceeds US $110 billion.
“China will work with its partners to develop the Belt and Road Initiative into a model of cooperation, a model of health, a model of recovery, and a model of growth,” President Xi said on June 18 in a written message to the High-level Video Conference on Belt and Road International Cooperation.
Moreover, China firmly supports the multilateral trading system, actively participates in the reform of the World Trade Organization, and is accelerating the construction of a global free trade zone network. The country is also strengthening exchanges and cooperation with the United Nations, and actively expresses opinions on international platforms such as the G20 and the BRICS. Adhering to the concept of extensive consultation, joint contribution, and shared benefits, China promotes the development of the international political and economic order in a more just and reasonable direction, and contributes wisdom to solving world problems.