Forty years of re­form and open­ing-up cre­ated the Chi­nese mir­a­cle

China's Foreign Trade (English) - - Special Report -

The year 2018 marks the 40th an­niver­sary of China’s re­form and open­ing-up pol­icy. The Chi­nese econ­omy has been grow­ing by 9.5% each year in the past four decades, which is an eco­nomic mir­a­cle. Chi­nese eco­nomic pol­icy has be­come the fo­cus of Asia Pa­cific and the world com­mu­nity.

Wang Shouwen, deputy min­is­ter of the Min­istry of Com­merce and deputy rep­re­sen­ta­tive of world trade ne­go­ti­a­tions, said that in the past 40 years, China has been up­hold­ing its open­ing-up pol­icy and cre­ated a new and com­pre­hen­sive lay­out for open­ing-up. Since its ac­ces­sion to the WTO 17 years ago, China has been de­liv­er­ing on its prom­ises, re­duc­ing hur­dles for for­eign cap­i­tal en­trance, and in­creas­ing pro­tec­tions on in­tel­lec­tual prop­erty rights. China has signed 16 free trade agree­ments with 24 coun­tries and re­gions, and be­come a ma­jor trade part­ner with more than 12 coun­tries

APEC mem­bers’ av­er­age tar­iff has fallen from 17% in 1987 to 5.5%, and eco­nomic costs have al­most halved in the past decade.

ness en­vi­ron­ment, the ex­plo­ration of new growth driver, and to fur­ther fa­cil­i­tat­ing the trade. All of these will con­trib­ute to the goal of build­ing a sus­tain­able Asia-pa­cific re­gion.

China’s con­cept of in­clu­sive­ness and equal­ity in de­vel­op­ing in­ter­na­tional co­op­er­a­tion also runs through the Belt and Road Ini­tia­tive. Huang Yong, direc­tor of the In­ter­na­tional Co­op­er­a­tion Cen­ter of the Na­tional De­vel­op­ment and Re­form Com­mis­sion, pointed out that the phi­los­o­phy of shar­ing, open­ing up and co­op­er­a­tion will ad­vance the course of the Belt and Road Ini­tia­tive more solidly and pro­foundly. He said that the ini­tia­tive has been put for­ward for five years; it is ad­vanced, re­fined and has been im­proved through ex­plo­ration, co­op­er­a­tion and con­tin­u­ous de­vel­op­ment. It has trans­formed from con­cept to ac­tion, from vi­sion to re­al­ity, con­form­ing to the trend of the times, meet­ing ex­pec­ta­tions of all par­ties, which cre­ated a new sit­u­a­tion that China led in or­der to cre­ate a win-win sit­u­a­tion for the world. In terms of re­sults, pol­icy com­mu­ni­ca­tion has com­pre­hen­sively deep­ened. China has signed more than 100 co­op­er­a­tion agree­ments with around 90 coun­tries and in­ter­na­tional or­ga­ni­za­tions, cov­er­ing in­fra­struc­ture, ca­pac­ity in­vest­ment, econ­omy, trade and other fields. In­fras­truc­tural achieve­ments have also been spec­tac­u­lar. China’s high-speed rail and nu­clear power equip­ment are go­ing global, and some ma­jor in­fra­struc­ture projects are be­ing im­ple­mented. Since es­tab­lished, over 800 Cjoma-europe Rail­ways have reached 14 coun­tries and 42 cities in Europe, and trade is con­ducted smoothly with fruit­ful re­sults. China has signed 16 free trade agree­ments with 24 coun­tries and re­gions, such as South Korea. The strat­egy of the free trade zone has been fur­ther ad­vanced, and cap­i­tal fi­nanc­ing is con­stantly in­creas­ing. More­over, broad ef­forts are made to unify the pub­lic’s minds in the sec­tor of ed­u­ca­tion, cul­ture and health.

Gan Lin said that un­der the back­ground that the Belt and Road Ini­tia­tive is com­pre­hen­sively im­ple­mented and su­per­vised, mar­ket su­per­vi­sion would also be in­cor­po­rated. Cor­re­spond­ing re­spon­si­bil­i­ties will be given into full play so as to pro­mote mu­tual un­der­stand­ing of the Belt and Road Ini­tia­tive busi­ness en­vi­ron­ment, the con­nec­tiv­ity of the mar­ket su­per­vi­sion in­for­ma­tion and the mar­ket rule, as well as ad­vance mu­tual recog­ni­tion of the su­per­vi­sion. That is how to pro­vide free cap­i­tal flow, which can guar­an­tee the deep in­te­gra­tion of the Belt and Road mar­ket, and to of­fer more growth mo­men­tum for the Chi­nese econ­omy en­ter­ing a new cy­cle.

In or­der to pro­mote a work­able con­struc­tion of the Belt and Road Ini­tia­tive, Huang Yong sug­gested us­ing in­ter­con­nec­tiv­ity as an en­gine to fur­ther ad­vance joint de­vel­op­ment. Con­tin­u­ing to ex­plore new power for de­vel­op­ment driven by in­no­va­tion; fur­ther shar­ing the prom­ise of com­mon de­vel­op­ment based on the pat­tern of in­clu­sive growth.

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