Global openness has been on the decline and has seen a significant drop since 2008 while China has gained remarkable achievements in its expansion of opening up, according to the World Openness Report 2024 on Tuesday.
The report was released at the 7th Hongqiao International Economic forum in Shanghai, which surveyed 129 economies.
In 2023, the World Openness Index was around 0.75, around 5.4 percent lower compared with 2008. The report found that China has achieved "remarkable results" in its expansion of opening-up. Between 2008 and 2023, its openness index rose by 11.9 percent, which was among the biggest advancements globally.
"Since 2012, China has continued to reform its economy. It has further reformed foreign-related economic management systems, improved the market economy system, and optimized government management efficiency. The country has also advanced the modernization of the national governance system. All with the aim to better serve high-quality economic development," said Qu Weixi, director of Research Center for Hongqiao International Economic Forum.
The 7th China International Import Expo (CIIE) and the Hongqiao International Economic Forum opened on Tuesday and will last till Nov 10.
This year's CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend.
Global openness declined in 2023, while China advanced opening-up: report
Global openness declined in 2023, while China advanced opening-up: report
Digital technology has enabled more consumer formats to flourish across China, allowing consumers to enjoy a richer and more diverse supply of products and services through a simple touch on the screen.
In southwest China's Guizhou Province, special agricultural products including bamboo shoots, spicy dried peppers, sweet and sour pickled fish are on hot sale in various online livestream rooms.
In Tiantai Town, Chishui City, local authorities collaborated with a university to establish the first local rural revitalization research and practice base, where artificial intelligence technology is being explored to boost e-commerce livestreaming.
"I hope that through AI technology, we can reduce the operating costs of our livestream rooms, extend the time of livestreams, bring in more traffic, and help our villagers sell more agricultural products," said Dai Xiaoyong, Party secretary of Xinghong Village.
Meanwhile in urban area, the integration of online and offline shopping has also allowed many shopping centers to expand new ways of sales promotion.
In Nanjing, east China's Jiangsu Province, many stores in shopping malls have opened livestream sessions, allowing customers to learn about their latest products without leaving home. Some malls have also launched new mobile apps, through which shoppers can place orders for delivery and make appointments for pickup, all in one stop on the phone.
"Now customers can learn about products and place orders online while enjoying our store services at the same time. This mode can also meet the needs of customers tight on time who just want to grab and go. It's more convenient for them," said Wang Dan, a salesperson.
Digital technology empowers online shopping, new consumption modes in China
