Further reform and opening-up of China propels global prosperity
China has once again garnered global attention by unveiling new measures to strengthen its reform and opening-up.
In the global spotlight, the country’s unremitting reform efforts to further open its economy are believed to promote both its own development and global prosperity.
Since it embarked on the great journey of reform and opening-up 40 years ago, China has transformed itself into the world’s second-largest economy, brought tremendous changes to its people’s lives and significantly contributed to global economic growth.
As President Xi Jinping said at the 2018 Asia-Pacific Economic Cooperation (APEC) CEO Summit in Papua New Guinea, “over the past 40 years, the Chinese people, with vision, hard work and perseverance, have forged ahead and taken a historic stride. We have stood up, become prosperous and grown in strength.”
Over the past four decades, China’s import and export of goods have increased by 198 times and those of services by over 147 times. The emerging economy has seen over $2 trillion of foreign investment during the period.
China has also become the world’s largest trader of goods, the biggest tourism market and a major trading partner of over 130 countries.
What makes China’s achievements even more remarkable is its people-centered development philosophy, which enables the Chinese people to benefit from the country’s accomplishments.
From 1978 to 2017, China’s per capita disposable income grew 22.8 times. About 740 million people were lifted out of poverty and the number of jobs created was doubled.
The past 40 years have also witnessed the establishment of a nationwide system of free compulsory primary and middle-school education, as well as the world’s biggest social safety net.
China has indeed embraced the world. Since the reform and opening-up, it has played an active and responsible role in such global issues as improving economic governance, supporting other developing countries and tackling the financial crisis.
The Belt and Road initiative (BRI) proposed by China five years ago has grown into a platform for all parties to share opportunities and pursue common development.
Over 140 countries and international organizations have signed BRI cooperation documents with China.
Addressing the 2018 APEC CEO Summit, Xi said, “By so doing, China has contributed its vision and input to building a community with a shared future for mankind.”
Forty years on, China has never hesitated to forge ahead on its journey of reform and opening-up because its past achievements have proved it is on the right path.
Since the beginning of this year, China has announced a series of measures for further opening-up, which include creating a better investment and business environment, lowering the tariffs on numerous consumer and industrial goods, and releasing a new negative list on foreign investments.
With a new round of tariff cuts coming into effect on November 1, China’s overall tariff rates have been reduced to 7.5 percent, lower than those of most developing countries and beyond the commitment China made upon its accession to the World Trade Organization.
China has made it clear that the country views all companies, both Chinese and foreign, as equal. With full protection of the companies’ legitimate rights and interests, China welcomes fair competition among them.
Last month, the first China International Import Expo (CIIE) was held in Shanghai. The event, with deals worth about $58 billion, is the world’s first import-themed nationallevel expo and a new step taken by China to fulfill its commitment to trade liberalization and opening-up of its market.
The country’s firm commitment and concrete measures to strengthen reforms and expand opening-up are highly appreciated by the international community.
French President Emmanuel Macron said France spoke highly of Xi’s statement on further reform and opening-up at the Boao Forum for Asia and the CIIE this year, and appreciates China’s efforts to improve its business environment for foreign companies operating in China, during his meeting with the Chinese president on December 1 in Argentina.
When meeting with Xi on December 2, Argentine President Mauricio Macri congratulated China, upon the 40th anniversary of its reform and opening-up, on its enormous achievements.
Calling China a major engine driving the world economy, Macri said China’s development and the realization of the Chinese Dream have a major significance for the development of Argentina and Latin America, as well as world peace, stability and prosperity.
Through its reform and opening-up, China has created prosperous lives for its people while helping foreign companies find business opportunities in the country and contributing to global growth, said Park Keun-tae, an entrepreneur of South Korea’s food and logistics conglomerate CJ Group.
“The prosperity of the Chinese people is the biggest change among others from China’s reform and opening-up policy that has continued for the past four decades,” Park said, emphasizing that the ongoing process “contributed much to the global development.”
Goro Takahashi, professor and director of the International Center for Chinese Studies at Japan’s Aichi University, said China’s reform and opening-up policy has been benefiting not only China itself, but also the world. Takahashi said “the policies that will make China more open are being welcomed by the whole world.”
The author is a writer with the Xinhua News Agency. The article first appeared on Xinhua. opinion@globaltimes.com.cn