Opening-up expands space for global economic growth
By People’s Daily
Adhering to building an open world
economy is an important experience of the G20 in coping with the international
financial crisis, as well as an inevitable requirement for advancing world
economic development.
China is an advocator and promoter of an
open world economy. It insists on opening the door for development, vigorously
facilitating free trade, and fully fulfilling its WTO commitments. As Chinese
President Xi Jinping has repeatedly stressed, China's open door will not be
closed — it will only be opened wider.
Actions speak louder than words. From
jointly building the Belt and Road Initiative (BRI), to establishing pilot free
trade zones, and from exploring the development of free trade ports
with Chinese characteristics, to successfully hosting the first China
International Import Expo and actively preparing for the second one, China has
continuously expanded opening up.
To date, the country has become the
largest trading partner of more than 120 countries and regions, and contributed
more than 30% to the world economic growth for many years in a row.
China will expand market access for
foreign investment in more areas, intensify efforts to enhance international
cooperation in intellectual property protection, increase the import of goods
and services on an even larger scale, more effectively engage in international
macro-economic policy coordination and work harder to ensure the implementation
of opening-up related policies.
The above reform and opening-up measures
announced by Xi at the Second Belt and Road Forum for International Cooperation
demonstrated China’s determination to further expand opening-up.
The G20 is a major forum for
international economic cooperation. At present, unilateralism and protectionism
have seriously impacted the international economic order, and the risks and
uncertainties facing the world economy have risen markedly.
In April, the WTO revised its global
growth forecast for 2019 down from 3.7 percent to 2.6 percent. International
organizations such as the World Bank and the International Monetary Fund have
also expressed that the world economy is in a "subtle moment", as
uncertainties such as the escalation of trade friction are mounting, and global
trade is under pressure.
At previous G20 summits, Xi has reiterated
the significance of opposing protectionism and unilateralism and jointly
safeguarding the multilateral trading system.
China supports an open, transparent,
inclusive and non-discriminatory multilateral trading system,
promotes trade and investment liberalization and facilitation, and will make
economic globalization more open, inclusive, balanced and beneficial to all.
With the rise of unilateralism and
protectionism, the G20 Hangzhou summit, which called for the building of an
open world economy, is of important practical significance, said George N.
Tzogopoulos, director of EU-China Programs at the Centre International de
Formation Europeenne (CIFE).
Openness and cooperation is an important
magic weapon to promote economic growth, and adhering to multilateralism and
building an open world economy is an important task that the international
community should focus on, he added.
Economic globalization is an inevitable
and irreversible trend.
As the world’s second largest economy
and the largest trader of goods, China has effectively integrated into the
world while opening up. It has welcomed more countries to board the express
train of its economic development, consolidated the foundation of global
economic stability and injected impetus into global economic growth, said Hsia
Hua Sheng, a professor at Brazil's largest think-tank, the Getulio Vargas
Foundation (FGV).
Opening-up expands space for global economic growth
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