Xi Jinping promises a “comprehensive opening-up” in China
China’s president, Xi Jinping, delivered a keynote address via video during the opening ceremony of the third China International Import Expo in Shanghai on November 4.
Mr Xi announced a new course of action for China’s “comprehensive opening-up”, including his aim for China to become “a world market, a shared market and a market for everyone”. His speech was divided into four key themes.
Firstly, China will take its building and opening up to “new heights”. Among other measures, the country will play a “leading” role in the establishment of pilot free trade zones and free trade ports, “continue to expand” the opening up of its internet and digital economy, increase construction and “deepen” its trade reforms, as well as those pertaining to its investment infrastructure.
Secondly, the Chinese state will promote the “innovative” development of foreign trade by supporting international businesses in expanding their presence and increasing their opportunities within the country, particularly via platforms such as the China International Import Expo.
China aims to “tap the growth potential” of foreign trade and foster “new momentum” by accelerating the development of cross-border e-commerce and other “new business models”. The country will also reduce its number of restricted and prohibited import technologies, so as to encourage the “free flow” of technology across borders.
Thirdly, Mr Xi will work to “continue to optimise” China’s business environment through carrying on with various supportive business policies, such as its Foreign Investment Law, which came into effect on January 1, 2020. The country will furthermore “continue to improve an open and transparent foreign-related legal system”, which includes strengthening intellectual property protection and safeguarding the “legitimate rights and interests” of overseas-funded enterprises.
Fourthly, China will “deepen” bilateral, multilateral and regional cooperation by signing “high-quality” free trade agreements with “more countries”, promote the signing of comprehensive regional economic partnership agreements “as soon as possible” and “accelerate” China-EU investment agreements, as well as China-Japan-Korea free trade agreements.
Moreover, the Chinese nation will “actively participate” in the reforming of the World Trade Organization, plus engage positively with bodies such as the United Nations, G20, Asia-Pacific Economic Cooperation and the BRICS countries. China will work alongside “relevant” nations to jointly build its Belt and Road Initiative, in order to “promote the building of a community and shared future for mankind”, Mr Xi said.
Image: Government of China.
