As the Belt and Road Initiative (BRI) marks its 10th anniversary at the third Belt and Road Forum for International Cooperation, China is taking significant strides towards fostering an open world economy. President Xi Jinping, in his keynote speech, emphasized \"openness and inclusiveness,\" reiterating the BRI's vision of enhancing connectivity, infrastructure, trade, financial ties, and people-to-people connections. These efforts aim to inject new momentum into the global economy, create opportunities for global development, and establish a robust platform for international economic cooperation.
One of the standout announcements from President Xi was the introduction of eight major steps to support high-quality Belt and Road cooperation. Highlighting the second step, China pledged to support an \"open world economy\" by removing all restrictions on foreign investment in its manufacturing sector. This unprecedented opening-up breakthrough will allow foreign companies to access new markets in China that were previously out of reach. Additionally, China committed to adhering to international high-standard economic and trade rules, further promoting the high-level opening-up of cross-border service trade and investment, expanding market access for digital products, and enhancing the development of state-owned enterprises, the digital economy, intellectual property rights, and government procurement.
Demonstrating China's domestic openness, the 6th China International Import Expo in Shanghai is showcasing global high-quality products and trade. Attracting over 3,400 exhibitors and about 400,000 professional visitors, the expo has returned to pre-pandemic levels and featured more than 100 executives from Fortune 500 companies. Attendees include the world's top vehicle brands, industrial electrical companies, medical equipment firms, mining giants, grain merchants, and shipping companies. The expo highlights over 400 new products, technologies, and services, focusing on high-end equipment, green environmental products, and biotechnology. Products like Ecuadorian Kirin fruit and Beninese pineapples are set to enter the Chinese market, with further reductions in tax rates on imported goods and encouragement of cross-border e-commerce.
China describes its Import Expo as \"an international public good shared by the world,\" underscoring its commitment to multilateralism and a shared future for mankind. This initiative not only promotes global trade but also stimulates competition within China, encouraging domestic companies to innovate and improve. By increasing foreign competition, Chinese companies are driven to enhance their standards, eliminate inefficiencies, and reform state-owned enterprises, ultimately benefiting Chinese consumers.
While foreign companies welcome these changes, many remain cautious due to past policy shifts and targeted investigations related to suspected illegal activities. Despite a 5.1 percent year-on-year decline in foreign capital usage in the first eight months of 2023, the new measures signal China's intent to further open its economy to the world. Officials assert that in today's complex global economic landscape, China is more determined and confident than ever to embrace openness.
The global community now awaits the implementation of these new measures and the subsequent response from foreign companies, which could shape the future trajectory of international economic cooperation under the BRI.
Reference(s):
cgtn.com
