China’s opening-up is beginning a new chapter ahead of its 40th anniversary. The policy makers have vowed to implement new measures at a faster pace and also at higher levels, so that China can contribute more to world trade, investment and other financial sectors.
With China expanding its overseas market, China granted Japan Renminbi (RMB) Qualified Foreign Institutional Investors quota of 200 billion yuan this May. Guan Tao, a senior researcher at the China Financial 40 Forum, said this move will further open up China’s capital market and allow more global investors to benefit from China’s economic growth.
Meanwhile, the banking, insurance, services and manufacturing sectors have all embraced more openness. For example, the regulators have eased control of foreign capitals investing in China’s auto, shipbuilding and aviation industries, and they also plan to phase out the equity cap on joint ventures in those sectors.
“Almost every economic sector across the country is now actively pushing forward opening-up on higher levels. By doing that, China hopes to defend the international trade system, create a multi-win situation and add to the balance and inclusiveness of globalization,” said Li Yong, a senior fellow at China Association of International Trade.
President Xi Jingping said at this year’s Boao Forum that opening-up enabled China to achieve its high-speed growth in the past 40 years, and it will do the same to country’s quality-oriented development in the future.
Under Xi’s leadership, China is establishing the Xiongan New Area and Hainan Free Trade Zone to push forward free trade. Moreover to that, the country is rooting for multilateral trade talks and including more countries in its Belt and Road Initiative.
“China taking those steps forward is actually in the favor of all of its close trading partners. It will help build a wealthier shared future for all humankind,” Zhang Yansheng, chief economist at China Center for International Economic Exchanges.