Xi Jinping and the measures to expand high-level opening up in China

In 2023, the Chinese economy has achieved significant growth, contributing to a third of global growth and remains a major driver of global development.

China’s policy of openness and development helps global prosperity. In 2023, the Chinese economy has achieved significant growth, contributing to a third of global growth and remains a major driver of global development. China’s development and openness policies are closely linked to global prosperity. Chinese development does not dispense with the world, and development for the world does not dispense with China either. This year 2024 is another important year for comprehensively deepening reform and opening up. Under the personal promotion of President “Xi Jinping”, a series of measures to expand high-level opening up have been intensively introduced. Amid the global economic downturn, they’re a significance of China’s high-level opening up internally and externally. Especially, China is adopting a proactive strategy of further opening up this year to generate global economic recovery. China’s list of friends along the Belt and Road Initiative is expanding. China has signed more than 200 cooperation documents with 150 countries and 32 international organizations on cooperation within the framework of the initiative.

 In the face of complex international situations and the global pandemic, China has kept pace with the times, introduced a series of strategic measures to expand opening-up, and formulated a scientific plan for the open development of China’s economy. This year, China’s foreign trade volume has increased steadily, and the volume of use of foreign capital has reached a record level year on year. According to this year’s global openness report, China’s global openness index has risen, and China has become an important force for promoting economic globalization.

 This year, 2024, marks the 46th anniversary of the implementation of China’s reform and opening-up policy. This policy has not only profoundly changed the outlook of Chinese society to the world, but also brought win-win opportunities to both sides and the world. In particular, China has pursued a more proactive strategy of opening up, which greatly benefits many multinational companies within the Chinese state.

  China’s policy of openness can be understood globally through the launch of the many Chinese projects built by Chinese companies in every corner of the world. For example, a direct current transmission project designed and built by China was launched in Chile. In Pakistan, the most advanced express delivery parcel distribution technologies introduced by China have brought unprecedented experience.

  At present, China has become a major trading partner of more than 140 countries and regions, and China leads all countries in the world in terms of foreign investment.  China’s contribution to global exports ranks first.

   Over the past 10 years, China has continued to move from “openness to the flow of goods and factors” to “institutional openness” in the areas of rules, regulations, management and standards, proving that opening up to the outside world is a major and decisive step for China’s development.

   In the past ten years, China’s economic share in the total global economy has risen, and China has contributed more than 30% to global economic growth on an annual basis.  China has always been an important driver of international economic growth, which is especially important at a time when the global economy is witnessing a slow recovery.

  For multinational companies, they have enjoyed the benefits of China’s economic growth and gained broad development space in the country. China’s gateway to opening up to the outside world is becoming wider and wider, and the quality of high-level institutional openness is constantly increasing. China’s overall level of customs tariffs has fallen to nearly the level of advanced members of the World Trade Organization, the negative list for foreign investment has shrunk to less than 31 sectors, and the  all restrictions on the access of foreign investment to the manufacturing sector, the opening of the service sector to the outside is accelerating, and the rate of return on foreign investment in China still leads the world. China’s development offers opportunities for global prosperity. The huge Chinese market is currently opening its arms to the world.

  Moreover, China’s opening up is considered a pioneer of economic development trends such as greening or green economy and digitalization. As the largest exporter of goods, China’s share in the international market has risen. It can be said that the development of digital technology in China has benefited people around the world and injected new impetus into global economic growth.

  China’s commitment to opening up to the outside world and building an open global economy has brought a new dimension to the global governance system. The new measures taken by the Chinese state to promote openness attract more aspirations from the whole world.

  In the face of complex global economic conditions, China has seized the prevailing trend of development and affirmed that it will continue to open up to the outside world on a broader scale, in a broader scope and at a deeper level, adhere to the Chinese-style path of modernization, build a new open economic system at a higher level, and continue to share China’s development opportunities.  With the world.

  China has implemented a series of opening-up policies at a rapid and steady pace. The threshold for foreign investment was lowered, and the negative list for access to foreign investment throughout the country and in the free trade pilot zones that have been implemented by many positive measures.

  From here we understand the Chinese global role in achieving a policy of economic openness to the world in order to confront challenges and achieve common prosperity.  Therefore, China has established communities of shared future in various forms with dozens of countries and regions in areas including health, the Internet and the sea, and at the bilateral, multilateral, regional and global levels.  We find that in 2023, the Central Work Conference on Foreign Affairs was held in Beijing, where China put forward the call for multipolarity characterized by equality, order, and economic globalization based on the benefit and embrace of all.  Emphasizing that all countries, whether large or small, strong or weak, have the right to create development paths that suit their own national circumstances.

Dr.Nadia Helmy
Dr.Nadia Helmy
Associate Professor of Political Science, Faculty of Politics and Economics / Beni Suef University- Egypt. An Expert in Chinese Politics, Sino-Israeli relationships, and Asian affairs- Visiting Senior Researcher at the Centre for Middle Eastern Studies (CMES)/ Lund University, Sweden- Director of the South and East Asia Studies Unit