Don't make openness a scarcity in world trade

Chinese President Xi Jinping has announced a series of important measures to ensure the country opens wider, including significantly broadening market access, creating a more attractive investment environment, strengthening the protection of intellectual property rights (IPR) and taking the initiative to expand imports.

Chinese President Xi Jinping delivers a keynote speech at the opening ceremony of the 2018 annual conference of the Boao Forum for Asia (BFA) in Boao, Hainan Province, on Tuesday, April 10, 2018. [Photo: Xinhua]

Coincidentally, these measures may seem to answer some of the misunderstandings or even accusations towards China's economic and trade policies. But this should not be viewed as vowing to pressure.

China has been committed to further opening up, but not because of outside pressure, or even threats. The reforms have been planned for quite some time. And now, it's time to bring them to light.

For instance, in the financial services sector, an important announcement was made at the end of last year on measures to raise foreign equity caps in the banking, securities and insurance industries. And last year, Chinese authorities also announced plans to host an International Import Expo in Shanghai this November.

Those busy accusing China at the moment would be best served by pausing and taking note of China's actions. New measures to expand China's markets have been drafted, deliberated, piloted and tested over the past few years. They're now reaping benefits to those countries vying to do business and invest in the country.

On top of this, China's reform "gift pack" also serves own interests of sustainable development and prosperity. China is sure about its road ahead. As Xi Jinping has been quoted: "We will stay committed to advancing reform in all respects, and prevail over whatever challenges that may lie ahead."

There will be no wavering on that. It's an experience Chinese people have drawn from history. There were times China stood at crossroads of reform and opening up, wondering whether openness would lead them to success or failure. Back in 2001 when the country joined the WTO, a sense of panic was spreading, fearing the "wolf was coming."

And while challenges have emerged, they have by no means weakened the country. "What doesn't kill you makes you stronger" is an underlying theme which China has been living through in its decades of Reform and Opening Up drive. This year marks the 40th anniversary of the start of the Reform and Opening Up process, which was launched in 1978.

Looking back, even we in China still find ourselves wondering with some amazement and sometimes bewildered of how we've gotten to this point in such a relatively short time.

In just 40 years, with an average annual GDP growth rate of 9.5%, China has grown into the world's second largest economy, the largest industrial producer, the largest trader of goods, the holder of the largest foreign exchange reserves, lifted more than 700 million people out of poverty and has contributed over 30% toward global growth in recent years.

People in China today feel that it’s right to follow trends, rather than push against them. Chinese President Xi Jinping has made clear at last year's Davos Forum. "Whether you like it or not, the global economy is the big ocean that you cannot escape from. Any attempt to cut off the flow of capital, technologies, products, industries and people between economies, and channel the waters in the ocean back into isolated lakes and creeks, is simply not possible," said Xi.

The defense of free trade has become more important than ever today.

At the Boao Forum for Asia this year, China's President has reaffirmed to all that "China's door of opening-up will not be closed and will only open even wider." He also promised that "No matter how much progress China has made in development, China will not threaten anyone else, attempt to overturn the existing international system, or seek spheres of influence. China will stay as determined as ever to build world peace, contribute to global prosperity and uphold the international order."

In short, China will enter a new phase of opening-up, with opening-up goals becoming reality sooner, rather than later. China is now at the threshold of defining moment in the country's development.

Globally, isolationism is rising, along with trade protectionism and economic chauvinism. Unfortunately, some countries have been threatening punitive trade action against others. At a time when openness seems to become a scarcity in world trade, China stands as one of the leaders hoping to offset that. China is inviting more countries to join in free trade, as well as join the Belt and Road Initiative.

Chinese President Xi Jinping is also asking a question to the region. "In this complex and changing world, where are we headed and where is the future of Asia?" He has provided his own answer. "We must not let our vision be blocked by floating clouds. Instead, we must dispel the clouds to see the sun, as we say in Chinese, so as to have a keen grasp of the law of history and the trend of the world."

Each country will have to search for its answer to these fundamental questions. Hopefully, the world will come to a consensus that openness and cooperation is the best way to create common prosperity for all-involved.

(CRI)