China's Ministry of Commerce will actively enhance the country's level of opening-up in expanding international cooperation, and strive to build a new higher level open economy system, Minister of Commerce Wang Wentao said.
The Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC), which was held on July 15-18, made systematic arrangements for further deepening reform comprehensively and stressed the need to improve the system and mechanism of high-level opening up. Wang said that it is necessary to adhere to the basic national policy of opening up and promote reform through opening up.
"Since the new era, China has ranked first in the world in goods trade for seven consecutive years, and its service trade has also been among the best in the world. Our status as a major country in two-way investment has been increasingly consolidated. This achievement was made under the leadership of General Secretary Xi Jinping, using the key move of reform and opening up. The plenary session was a major political declaration, conveying our Party's firm determination to carry out reforms to the end and sending a clear signal of expanding high-level opening up," Wang said.
Wang said that reform and opening up complement and promote each other. In advancing the new journey of Chinese modernization, high-quality development should be promoted through high-level opening up.
"From the perspective of domestic development, achieving the largest and most difficult modernization in human history requires us to actively expand domestic demand, give play to the advantages of the ultra-large-scale market, enhance the linkage effect of the domestic and international markets, and lay a strong material foundation for Chinese modernization. From the perspective of international cooperation, openness, inclusiveness, and win-win cooperation is the right path for mankind. We must expand high-level opening up, promote international cooperation in the industrial chain and supply chain, and promote the building of a community with a shared future for mankind," Wang said.
In the next step, China's commerce authorities will translate various strategic deployments of the plenary session into task lists and work lists and ensure their implementation, Wang said.
"We will take the initiative to connect with international high-standard economic and trade rules and actively participate in the reform of the global economic governance system. We will proceed to eliminate entry restrictions on overseas investment in our manufacturing sector as soon as possible, and reasonably reduce the negative list of foreign investment access. We will expand the open opportunities, extend the list of cooperation, fully participate in the World Trade Organization (WTO) reform, expand the circle of friends in free trade, and promote the construction of an open world economy," Wang said.
China to push forward high-level open economy system: minister
