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China’s determination to open-up further conducive to global growth

Updated: Apr 26,2018 9:01 AM     Xinhua

BEIJING — Against the backdrop of uncertain global economic recovery and uprising of protectionism, China’s determination of a further opening-up is impressive, which will inject fresh force into its sustainable growth, thus driving world economic recovery.

At the 2018 annual conference of the Boao Forum for Asia, Chinese leadership has reassured the world that China will step up its reform and opening-up as a strategic choice, and push forward economic globalization to benefit world with concrete measures.

Analysts lauded China’s determination and believed that its role as a locomotive and stabilizer of world economy will be greater.

They reached consensus that China has been an important engine of world economy, and will continue to provide world with strong demand, abundant capital, new business model, and cooperation mechanism and plans with Chinese wisdom.

With the upgrading of residential consumption, China provides the world with a strong demand. The middle-income population has hit 400 million and is fast growing.

Moreover, China has announced several significant measures to enhance opening-up at Boao, including cutting auto import taxes, and has promised to ease limitation on foreign equity in banking, security and insurance industries.

With a flurry of Chinese outbound investment, China is able to offer the world with funds. In the first quarter of this year, China has directly invested a total of $25.5 billion in 140 countries and regions.

With the transfer from the “old-fashioned growth model” to a fresh one, China is able to offer new business models to other countries. Starting on a new technological and industrial revolution, China has explored a brand new economic model on the basis of mobile internet, with e-commerce, mobile payment and sharing economy developing robustly.

China also has put forward a series of mechanism and initiatives that aim to boost global cooperation, most notably the Belt and Road Initiative. It has also joined others in establishing the Asian Infrastructure Investment Bank, and the Silk Road Fund to finance major cooperation projects that have helped promote local economic growth.

At present, the world economy still faces many “structural problems”. China’s pledge to further open up would be helpful for the international community to cope with a host of challenges and risks in such sectors as trade, debts and monetary policies.

In recent days, protectionism seems to be rising around the globe, casting shadows over the future growth of global trade and economy.

Maurice Obstfeld, chief economist with the International Monetary Fund, said last week that “the prospect of trade restrictions and counter-restrictions threatens to undermine confidence and derail growth prematurely.”

China, a key engine for global economic growth, has always stuck to trade liberalization and contributed to the steady and balanced development of world economy.

China has now become the top trading partner of more than 120 countries and regions, and is the signatory to 16 bilateral and multilateral free trade agreements.

Beijing’s recently-unveiled major measures on opening-up and reforms, including building a pilot free trade zone on its tropical island province of Hainan, have been a shot-in-the-arm for those in Asia and beyond who seek to join China in promoting global free trade and economic integration.

China’s past four decades of reform and opening-up have vividly demonstrated that it will always keep its door open to the wider world as it sticks to its path of development. As China is in a transition to quality-oriented growth, it is expected to offer more contribution to a stronger global economic uptrend.