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China stays committed to opening-up to promote reform, development and innovation Release date: 2024-07-05    Source:People's Daily

In its modernization drive, China has made new and constant achievements in reform and development through opening up.

In May 2024, Tesla broke ground on another mega factory in the Lingang new area of the China (Shanghai) Pilot Free Trade Zone. The process from business negotiation to contract signing took just one month. Such a rapid speed would not have been possible without the support of a continuously improved business environment.

China has implemented multiple measures to improve its business environment and all these efforts highlight the pioneering spirit of China's pilot free trade zones. For instance, China's pilot free trade zones have introduced the first negative list for foreign investment and pioneered the reform of the commercial registration system. They have also seen the establishment of the first wholly foreign-owned public fund company and the first wholly foreign-owned automobile manufacturing enterprise.

China is speeding up the development of its 22 pilot free trade zones, and the Hainan Free Trade Port has already set sail.

China firmly believes that opening up brings progress while isolation results in backwardness. It remains firmly committed to advancing high-standard opening up to promote reform, development and innovation, and works to build an open world economy.

China has advanced a broader agenda of opening up across more areas and in greater depth, from implementing pre-establishment national treatment plus a negative list for foreign investment to expanding the globally-oriented network of high-standard free trade areas. China is opening its door wider and wider to the outside world, which further drives its own development.

China's economic growth over the past 40 years has been achieved with a commitment to opening-up. In the same vein, high-quality development of China's economy in the future can only be guaranteed with greater openness.

In just six days, the sixth China International Import Expo (CIIE) saw a total of $78.41 billion worth of tentative deals reached for one-year purchases of goods and services, setting a record high. Utilizing this platform, Ethiopia exported over 20,000 metric tons of coffee beans to China last year. Since the first CIIE was held in 2018, more than 80 new fruit varieties, such as Brazilian melons, Pakistani cherries, and Malaysian jackfruits, have been granted access to the Chinese market.

This year, British biopharmaceutical giant AstraZeneca invested $475 million in the construction of a new small molecule factory in Wuxi, east China's Jiangsu Province. Valeo, a world-leading auto parts supplier headquartered in France, has begun construction of the production and R&D base for its comfort and driving assistance system in Shanghai's Jiading district.

Foreign companies continue to invest in China, not only attracted by its vast market, but also by the new quality productive forces here that are primarily driven by innovation and marked by a substantial increase in total factor productivity. This is creating new appeal within the global industrial landscape.

As the second largest economy in the world, China has become a leading engine of global development, contributing around 30 percent to global growth in recent years.

Leveraging the advantages of its vast market, China has provided a broader platform for global trade and investment growth. With its complete industrial and supply chains, China has been able to offer high-quality products to the world, supporting the global transition towards green and low-carbon development. China's unwavering opening up is injecting strong momentum into the world economy.

On May 25 this year, freight train X8157 fully loaded with diverse goods departed from Xi'an, the capital city of northwest China's Shaanxi province. It arrived in Malaszewicze, Poland after over ten days. The journey marked a significant milestone as the total number of China-Europe freight train trips has surpassed 90,000. Reaching 25 European countries and 11 Asian countries, the China-Europe freight train service has become the "golden corridor" of trade between Asia and Europe.

What matters more than the numbers is the sense of gain of people in various countries. For instance, the entry of Kenyan fresh avocados into the Chinese market has benefited thousands of Kenyan growers; an Afghan carpet sold in China can increase the income for four or five Afghan families; Chinese Juncao technology has been extended to over 100 countries and regions worldwide, creating hundreds of thousands of green jobs for local people.

British historian Peter Frankopan said in his book The Silk Roads: A New History of the World that the Silk Road has shaped the past world, even the present world, and will continue to shape the future world. The Belt and Road cooperation was proposed by China, but its benefits and opportunities are for the world to share, representing humanity's joint pursuit of development for all.

Moving forward, China will always maintain a global vision and stand firm on the right side of history and on the side of human civilization and progress. It will join hands with other countries to build an even better world.

Expanding converging interests and sharing opportunities through opening-up and cooperation, China will remain a strong advocate of openness at the global level, and will continue to act as a stable engine of global growth and a big market with enormous opportunities. The country will undoubtedly provide more opportunities for global development.

By Ren Zhongping