China's Development Plan
CHN | Nov 22, 2022

China’s broader opening-up brings vitality to global development

/ Our Today

administrator


China has been walking the talk of high-standard opening-up, with concrete moves that will allow economies worldwide to benefit.

China reaffirmed on Friday (November 18) that it will advance a broader agenda of opening-up across more areas and with greater depth, follow the Chinese path to modernisation, put in place new systems for a higher-standard open economy, and continue to share the nation’s development opportunities with the world.

In one of its most recent efforts to that end, the country has opened more sectors to foreign investment, with its new catalog of industries in which foreign investment will be encouraged. The revision, with 239 new items added and 167 existing ones modified, places special focus on the manufacturing sector and producer services.

In opening the financial market, China has also allowed eligible overseas institutional investors to invest directly or through connectivity in the exchange bond market from June 30.

Backed by these endeavours, China has retained its strong appeal to foreign businesses despite gloomy investment sentiment around the globe. Foreign direct investment (FDI) in the Chinese mainland, in actual use, went up 17.4 per cent year on year to US$168.34 billion in the first 10 months, official data shows.

The country has also fostered cross-border trade of products and services through regular global events, including the China International Import Expo (CIIE) and the China International Fair for Trade in Services.
The fifth CIIE, held from November 5 to November 10, saw a total of US$73.5 billion worth of tentative deals reached for one-year purchases of goods and services. The figure represents an increase of 3.9 per cent over that of last year.

The sixth China-South Asia Exposition, which opened on Saturday in Kunming, capital of southwest China’s Yunnan Province, is another platform for China to work with all countries to create more growth drivers in cooperation, advance the high-quality development of the Belt and Road cooperation and implement the Global Development Initiative, so as to build a more prosperous and brighter future together.

People stand at a cold rolling plant during a government-organised media tour to Baoshan Iron & Steel Co., Ltd. (Baosteel), a subsidiary of China Baowu Steel Group, in Shanghai, China September 16, 2022. (Photo: REUTERS/Aly Song)

The country’s foreign trade in goods with countries and regions participating in the Belt and Road Initiative posted robust year-on-year growth, with both exports and imports jumping over 20 per cent, official data shows.

Many landmark projects are now creating new growth drivers for economies along the Belt and Road. The Jakarta-Bandung High-Speed Railway, connecting Indonesia’s capital Jakarta and its fourth-largest city Bandung, completed a successful trial operation on November 16. It will cut the journey between the two cities from over three hours to around 40 minutes.

A World Bank report has predicted that the Belt and Road Initiative could, by 2030, help lift 7.6 million people out of extreme poverty and 32 million people out of moderate poverty globally. It will also help increase incomes by 0.7 per cent globally.

The Belt and Road Initiative includes 1/3 of world trade and GDP and over 60 per cent of the world’s population.

In the near future, China will work with other parties on the full and high-quality implementation of the Regional Comprehensive Economic Partnership, and continue working toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement.

It will also consider holding the third Belt and Road Forum for International Cooperation next year to provide fresh impetus for the development and prosperity of the Asia-Pacific and the world.

“A more open China will bring about greater progress and prosperity to both itself and the world,” said Cui Fan, a professor at the University of International Business and Economics.

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