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Open economy opens more opportunities

Updated: Aug 31,2016 4:40 PM     english.gov.cn/Economic Daily

Trade and investment to the economy is like blood to the human body. If blood cannot flow easily, the body will perish. Now the world is suffering from economic downturns with sluggish international trade and investment and many countries pursuing protectionism.

At the same time, China continues to develop an open economy, promoting trade and investment with other countries. “China is providing more opportunities to the world,” Economic Daily reported.

China has launched more domestic free trade zones (FTZs). Four FTZs, in Shanghai, Tianjin, Guangdong and Fujian, have been launched in recent years, with many measures aimed at enhancing trade convenience, including setting up an integrated clearance system and a “single-window” service mechanism.

Vowing to maintain and strengthen a multilateral trading system, China has also been creating free trade areas (FTAs) with other countries and regions. China-the Republic of Korea FTA and China-Australia FTA were ratified in 2015. Negotiations on FTZs between China and Georgia, Maldives, Pakistan and Singapore are on the way.

On investment, China is enhancing its scale and quality both to and from other countries. More service and manufacturing industries in China have opened to foreign investment, according to the Catalog for the Guidance of Foreign Investment Industries, updated in 2015.

Jaime Garcia, an senior official at the Ministry of Economy and Competitiveness of Spain, said many European companies have entered the Chinese market, and Spanish companies are also looking forward to that.

“China’s market environment is fair. All companies registered in China are important components of the Chinese economy,” said President Xi Jinping in 2013. The Chinese government is trying to reform the management system for foreign investment, such as setting up negative lists, giving foreign companies a fair chance before they enter the market.

Apart from absorbing investment, many Chinese companies are also encouraged to expand their investments abroad. Many government approvals for investment abroad have been reduced, in order to enhance investment efficiency.

Investing abroad has been bringing benefits to local economies, such as creating jobs and improving infrastructure, Economic Daily said.

In addition, China is promoting several programs that are aimed at enhancing international cooperation, including G20 Leaders Summit, the Belt and Road Initiative and Asian Infrastructure Investment Bank (AIIB). “The Belt and Road Initiative brings new opportunities for companies all over the world,” said Teo Siong Seng, chairman of the Singapore Business Federation.

An open Chinese economy will open more opportunities for the world. China is trying to build a win-win relationship with different countries around the world, to serve as a constructive member of the global economy.

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