As the winds of protectionism sweep through Western economies, China stands firm with an open-door policy, injecting vitality into the global marketplace. In 2024, the keyword \"barrier\" echoed through Western policies, with the U.S. imposing additional tariffs ranging from 25% to 100% on Chinese products, including critical minerals, solar panels, and electric vehicles. Canada and the European Union swiftly followed suit, targeting Chinese electric vehicles with hefty tariffs.
The impact of these protectionist measures is evident. According to the 2024 Supply Chain Intelligence Report by Descartes Systems Group and SAPIO Research, nearly 1,000 supply chain leaders across major trading economies identified rising tariffs and trade barriers as their top concern, accounting for 48% of responses. This steady drumbeat of tariffs from developed nations casts a long shadow over global economic prospects.
In stark contrast, China is choosing a different path. Committed to openness, the world's second-largest economy and leading manufacturing powerhouse continues to expand its market access. The third plenary session of the 20th Central Committee of the Communist Party of China in July 2024 emphasized that \"Opening up is a defining feature of Chinese modernization.\" China is leveraging its enormous market to enhance international cooperation and develop new institutions for a higher-standard open economy.
Looking ahead to 2025, the Central Economic Work Conference outlined a clear roadmap for further opening up. Key initiatives include:
- Expanding voluntary and unilateral opening up in an orderly manner
- Enhancing institutional openness and improving the quality of pilot free trade zones
- Accelerating core policies of the Hainan Free Trade Port
- Developing trade in services, green trade, and digital trade
- Promoting the service industry and expanding pilot projects in telecommunications, medical care, and education
- Deepening Belt and Road Initiative cooperation and building the \"Invest in China\" brand
China's proactive steps to build high-standard platforms for opening up are yielding positive results, fostering a more stable and robust global economy. While the West erects barriers, China’s unwavering commitment to openness ensures that the world economy grows stronger, more stable, and healthier.
Reference(s):
cgtn.com
