Plenum sounds clarion call for higher

 

A view of Lujiazui area in Shanghai Photo: VCG

The Resolution of the Central Committee of the Communist Party of China(CPC) on Further Deepening Reform Comprehensively to Advance Chinese Modernization, published on July 21, says that China must remain committed to the basic state policy of opening to the outside world and continuing to promote reforms through opening-up.

The resolution sends two clear signals. First, to achieve Chinese modernization, it is imperative to establish a higher-standard open economy. Second, the resolution sounds a clarion call of institutional opening-up, highlighting the need to gradually expand institutional openness as a primary focus for the country.

China is consolidating its position as the world's top trading nation and steadily advancing toward its goal of becoming a trade powerhouse. China needs to leverage the strengths of an enormous domestic market to expand and strengthen its industrial and supply chain, positioning itself as a key player in global industrial chain cooperation.

In terms of trade, the resolution proposed many areas where China can continue to ramp up investment. For example, developing digital trade in an innovative manner and promote the development of cross-border e-commerce. 

When formulating policies, China needs to better coordinate trade policies with fiscal, financial and industrial policies, create a set of systems and policies to support efforts to build China into a strong trading nation, step up reforms to integrate domestic and foreign trade and actively respond to the trends of digital and green trade. 

The resolution specifically references the development of offshore trade and develop new types of transactions in offshore international trade. China will establish sound systems for cross-border financial services and diversify the supply of financial products and services.

China's cross-border trade has overall development goals and conforms to the development trends of both green and digital trade, while also emphasizing the support of finance as its lifeblood. This is a systemic construction project, which is a long-term task for foreign trade. China's transformation from the world's top trading nation to a trading powerhouse is within reach.

The resolution noted that China will safeguard the WTO-centered multilateral trading system, actively participate in the reform of global economic governance, and contribute to the public good in the world. 

China seeks to expand trade cooperation. Within the scope of the WTO, the country must oppose trade protectionism and unilateralism. China seeks win-win, mutual benefit, and values making positive contributions to the global economy. 

The resolution noted that China will foster a world-class business environment that is market-oriented, law-based and internationalized, and protect the rights and interests of foreign investors in accordance with the law.

The country now needs to pay more attention to the overall market fairness of foreign-invested enterprises in China to implement true equality in rights, rules, and opportunities. China needs to shift from past preferential policies to optimizing a world-class business environment to attract foreign investments.

The author is a former Chinese vice minister of commerce and executive deputy director of the China Center for International Economic Exchanges. [email protected]

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