Xiconomics: China’s commitment to opening up helps global economic recovery

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BEIJING — The 2022 China International Trade Fair for Services (CIFTIS) will be held here from Aug. 31 to Sept. 5, providing platforms for international trade as the world grapples with a slow economic recovery.

With the China International Import Expo (CIIE) and the China Import and Export Fair (Canton Fair), the three major exhibition platforms are famous for boosting the country’s high-quality economic development and taking a win-win approach to towards the world. .

China’s unwavering openness to the rest of the world extends well beyond the three high-profile events. Under the guidance of Chinese President Xi Jinping’s economic thinking, China has remained a staunch supporter of globalization and multilateralism while coping with rising protectionism and headwinds in the global economy.

Steadfast Wider Opening

“No matter how the world changes, China’s faith and commitment to reform and opening up will not waver,” Xi said in a video keynote address at the opening ceremony. the Boao Forum Asia 2022 Annual Conference in April.

Xi has repeatedly said that China’s determination to open up more to the outside world remains unwavering.

Calling the opening “the hallmark of contemporary China,” Xi said in a keynote address at the opening ceremony of the fourth CIIE last November that “we will not change our resolve to open up more widely. at a high level; we will not change our determination to share development opportunities with the rest of the world; and we will not change our commitment to a more open, inclusive, balanced and beneficial economic globalization for all.”

For long-time China watchers such as Mehmood UI Hassan Khan, executive director of the Pakistan Center for South Asia and International Studies, China’s commitment to opening up more is indisputable.

“China has pursued an open, interactive, productive and participatory development strategy, and opening up has become a Chinese trademark,” he said, describing China’s reform and opening up over the past few years. some 40 years as “an epic journey for the Chinese”. the people, the region and the world.”

“China has grown by embracing the rest of the world, and the rest of the world has benefited from China’s opening up,” he added.

CIFTIS 2022 is being held as protectionism resurfaces in some parts of the world. Geopolitical tensions and other uncertainties have also disrupted global supply chains and hurt prospects for global economic recovery.

China’s commitment to opening up is exemplified by its determination to hold CIFTIS 2022 despite global economic instability, said Abu Bakr al-Deeb, adviser to the Cairo-based Arab Center for Research and Studies. .

“This is strong evidence of China’s will and persistence in continuing the cycle of work and activities. China does not want to stop all possible means to ensure the welfare of its people and promote cooperation with other countries in the world,” he said.

Offer new opportunities

Through reform and opening up, China has made significant progress in economic and social development over the past decade. The Chinese economy’s contribution to global economic growth has stood at around 30 percent in recent years, making it the biggest engine of growth in the global economy.

New opportunities for foreign investors have resulted from China’s concrete actions to expand high-level opening-up, which has encouraged the movement of goods and factors of production and steadily expanded institutional openness with respect to rules. , regulations, management practices and standards.

In recent years, China has continued to expand market access and shorten the negative list of foreign investment. It has enacted laws and regulations, including the Foreign Investment Law, to protect the legitimate rights and interests of foreign investors.

Meanwhile, in 2013, the first pilot free trade zone was established in Shanghai. Today, the number of such areas has reached 21, including the whole of Hainan Island.

“China has adopted key measures to further integrate with regional and global economies and demonstrated its willingness to further promote the domestic market by adhering to high standards of economic openness,” said Ismael Buchanan, senior lecturer at the Department. of political science from the University of Rwanda.

In interviews with Xinhua, many business leaders said China’s continued efforts to open up, along with other factors such as a massive domestic market and complete industrial chain, have boosted their confidence. in investment in the Asian country.

“China’s reform and opening-up efforts show the country’s position to promote economic globalization and encourage foreign investment in the country, by putting in place measures and systems to equalize the treatment of foreign and domestic investors and further strengthening our confidence in an investment partnership with Chinese companies,” said Michael Gelchie, Managing Director of Louis Dreyfus Company, a Europe-based trading company active in agriculture, food processing, shipping international and finance.

Foreign direct investment in the Chinese mainland recorded double-digit growth in the first half of this year, rising 17.4 percent year-on-year to 723.31 billion, according to data from the Chinese Ministry of Commerce. yuan in actual use. The inflow was up 21.8% from a year ago to $112.35 billion in US dollars.

For Harley Seeyedin, president of the American Chamber of Commerce in South China, the current China policy “provides a stable and high-quality business environment and political support for foreign investment”.

“It is because of the great achievements of reform and opening up that more and more foreign-funded enterprises are flocking to China to seek business opportunities,” Seedin said.

Preserving economic globalization

Despite countercurrents of protectionism and unilateralism in some Western countries, China has remained committed to promoting win-win cooperation and joint development with its openness, instilling confidence and momentum in an uncertain world.

“We need to stay abreast of the prevailing trend of economic globalization and help countries around the world to open up further while rejecting unilateralism and protectionism. This is very important if we want to lead humanity towards a better future,” Xi said at the opening. ceremony of the fourth CIIE last November.

In his special address to the virtual session of the World Economic Forum 2022 in January, Xi reiterated that economic globalization is the trend of the times.

“We need to break down barriers, not build walls. We need to open up, not close. We need to seek integration, not decoupling. This is how you can build an open global economy,” he said. -he declares.

China’s active economic cooperation with other countries around the world has undoubtedly contributed to global economic recovery and promoted international cooperation in the fight against the COVID-19 pandemic, said Tao Lin, vice president of Tesla. .

Noting that there are not many coordinated efforts to overcome economic difficulties in the post-pandemic period, Selcuk Colakoglu, director of the Ankara-based Turkish Center for Asia-Pacific Studies, said that the Belt and Road Initiative (BRI) is a clear initiative. a sign of China’s commitment to integrating with other economies and preserving economic globalization.

Since its establishment in 2013, more than 140 countries covering different regions, cultures and stages of development, and more than 30 international organizations, have signed BRI cooperation documents with China. According to official data, China’s trade with countries along the Belt and Road soared 19.8 percent from January to July year on year.

“The BRI vision has a much wider scope, promoting not only trade but also services, joint industries, joint investments and joint infrastructure construction,” Colakoglu said.

“In this regard, China’s vision is key to boosting regional and global economic cooperation.”

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