The sixth China International Import Expo (CIIE) is currently underway in Shanghai from November 5 to 10, serving as a pivotal platform for global collaboration and economic opportunities. Amidst rising protectionism and challenges to globalization, China is leveraging the CIIE to strengthen its high-level opening-up strategy.
Since 1978, China has transformed its economy by integrating the private sector and embracing market-driven mechanisms. Today, private enterprises account for approximately 60% of China's GDP, a significant shift from a nearly state-dominated system. This strategic opening has fueled double-digit economic growth for nearly two decades, lifting around 800 million people out of poverty.
Despite the increased role of the market, the Chinese state maintains robust control over the economy. The government has opened numerous sectors to foreign direct investment (FDI) while continuing to subsidize strategic industries, ensuring a balanced approach to economic development.
The latest 14th Five-Year Plan underscores China's commitment to fostering domestic industries and advancing technological innovation. The nation has made remarkable strides in areas such as space exploration, deep-sea engineering, supercomputing, and quantum information. Additionally, China boasts the world’s largest high-speed train network and has successfully eradicated extreme poverty within its borders.
Building on the momentum of the Belt and Road Initiative from the 13th Five-Year Plan, China continues to prioritize global integration and sustainable economic growth. Through initiatives like the CIIE and strategic planning, China aims to navigate the complexities of the new globalization landscape, fostering shared prosperity on a global scale.
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China's higher-level opening-up in new period of globalization
cgtn.com
