China’s High-Standard Opening-Up to Boost International Economic...
Title:China’s High-Standard Opening-Up to Boost International Economic Cooperation in the New Era
Author:ZONG Liang and LI Yingting
The global economy is expected to be under pressure in 2023 and the outlook for economic growth remains gloomy. China's opening-up to the world under present circumstances serves as a pivotal force to stimulate global economic expansion and facilitate international financial stability. It also exemplifies high-standard opening-up. According to China's 14th Five-Year Plan (2021-2025) for National Economic and Social Development，China aims to pursue a higher level of opening-up. The 20th National Congress specifies “high-standard opening up” as improving the level and quality of trade and investment cooperation，expanding institutional opening up，and reducing trade and investment barriers etc. The Central Economic Work Conference in 2022 has also emphasized China’s resolve to open the door wider. At the conference，President XI Jinping stressed that China would make greater efforts in attracting and utilizing foreign capital，widening market access，and improving business environment comprehensively. Currently，many countries acknowledge China’s principle of win-win cooperation against the backdrop of beggar-thy-neighbor policies and unilateral sanctions being gradually abandoned by the international community. This shows great significance of China’s efforts in promoting international economic cooperation in the new era.
New Features of China’s High-Standard Opening-Up
China’s opening-up has a high starting point. China adopts a proactive strategy to boost economic and trade ties with other countries，and uphold the principle of promoting openness，enhancing cooperation，strengthening solidarity and obtaining a win-win situation. In the past decade，the construction of the Belt and Road Initiative (BRI) has progressed at a steady pace，demonstrating the strong resilience and vitality of the world's largest economic corridor. In 2022，China's trade with countries along the Belt and Road reached 13.8 trillion yuan，an annual growth of 19.4%. The implementation of the Regional Comprehensive Economic Partnership (RCEP)，the world's largest regional free trade agreement，enhances prospects for global economic cooperation and revitalizes China's endeavors to promote openness. Moreover，China is actively seeking to participate in high-standard economic and trade agreements，and continues to advance accession to the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA).
China’s opening-up aims to meet high requirements. The Central Economic Work Conference stressed that China would promote high-standard opening-up and steadily expand institutional opening-up in terms of rules，regulations，management，and standards. First，China will achieve high-quality trade and investment cooperation. With growing presence in global trade，China will persist in strengthening its position as a key exporter and broadening its sphere of influence in strategic areas such as technology，equipment，and energy resources. It will also strive to deepen and extend its industrial partnerships with other countries. Secondly，China will expand market access. The Chinese authorities revise the negative lists for market access on an annual basis and continue to narrow it. They would also relax special management measures and lift restrictions on foreign investment access step by step. Third，China will make greater efforts to attract and utilize foreign capital. According to the Central Economic Work Conference，China will foster the advancement of modern service industries by encouraging their expansion，bringing together resources to bolster the development of key manufacturing industrial chains，and accelerating the construction of a modern industrial system. Fourth，China will guarantee national treatment of foreign-funded enterprises. Over the past few years，the Chinese authorities have undertaken a series of measures with the objective to aligning China with global economic and trade rules，regulations，management，and standards. In the future，additional efforts will be undertaken to reinforce the safeguard of intellectual property rights，and ensure the legitimate rights and interests of foreign investors at the same time. It is no doubt that China will build a market-oriented and internationalized business environment based on the rule of law in its efforts to facilitate cross-border commerce and achieve a fair competition order.
China’s opening up has unwavering resolve. In the past，China’s opening-up policies are dynamically adapted in response to the domestic economic performance，the competitiveness of key industries and the imperatives of regional development progress. Unlike the previous strategy，China is taking a firmer stance on opening up with the institutional opening-up，adopting a more proactive and long-term opening strategy，and building a stable opening-up system in line with the anticipation of the international market. More specifically，with promising progress in BRI and RCEP，China will further expand its “circle of friends” and deepen economic and trade cooperation with other countries. Moreover，China is committed to facilitating the creation of free trade zones，pushing forward institutional opening-up，fulfilling international investment demands and harmonizing with international economic and trade rules. China also aims to launch a world-class trade cooperation platform to increase the competitiveness of local brands in the international market. The implementation of high-standard opening-up faces a bumpy long road that requires persistence to carry out domestic reforms and needs endeavor to overcome international obstacles. In order to achieve this objective，China will endeavor to promote high-standard opening-up and demonstrate to the global community that openness is the ultimate means of ensuring stability，prosperity，and harmony.
Multilateralism，Cooperation and Win-Win Solutions
Against the backdrop of slow global economic growth，multilateralism，cooperation and win-win solutions have become the key to promoting international economic cooperation.
China embraces multilateralism and shares opportunities in its vast market with all countries seeking mutually beneficial cooperation. With the entry into force of the RCEP，China remains committed to fulfilling its obligations，and will strive to provide local enterprises with reduced trade barriers，while promoting regional economic integration. China is able to unleash its potential i