Open China is a boon for the global economy

Before the 1970s, many people found it difficult to fill their stomachs, let alone indulge themselves while shopping.

from China the policy of reform and opening up has changed the course of the country’s development.

Since the start of this policy, the country has experienced three major waves of openness.

The first began in 1978 and continued into the 1980s and 1990s. It saw an influx of foreign direct investment for infrastructure construction and industrial projects across the country.

The second wave started in 2001 with from China WTO membership, which has spurred a new wave of foreign investment and greater integration into the world economy.

Now like China begins a new chapter of development as part of its 14th five-year plan, the nation is on the cusp of a new wave marked by proactive initiatives to further deepen integration.

The vehicles include the development of new free zones (ZLE) and the Hainan free trade port, the integration of Guangdong-Hong Kong-Macao Greater Bay Area, and new international trade and investment agreements such as the Comprehensive Regional Economic Agreement (RCEP).

This political approach led to reforms and widened the market, allowing for a more specialized division of labor. In addition, intense competition stimulated by trade liberalization and import tariff reductions has forced domestic firms to be more efficient. It has also led to the optimization of resource allocation and industrial modernization.

More than 40 years of reform and opening up have seen from China total imports and exports soar $ 20.6 billion over $ 4.5 trillion, making the country the world’s leading trading nation.

Having taken the nation from a time of scarcity to experiencing today’s buying frenzy, reform and openness is not just a recipe for from China success, but has arguably become an indispensable engine towards a more prosperous world.

https://news.cgtn.com/news/2021-05-19/An-open-China-a-boon-to-global-economy-10mwRLc0YVy/index.html

SOURCE CGTN

For more information: Jiang Simin, + 86-188-2655-3286, [email protected], www.cgtn.com

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