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