[Summary of views]

China will open wider, broader and deeper to the outside world.

Since this year, the package of policies issued by China has effectively promoted the orderly and free flow of international and domestic factors, efficient allocation of resources, and deep integration of the market.

At present, opportunities and challenges coexist for China to promote high-level opening up.

Under the trend of global economic integration, China can take four measures to improve its open economy.

High level opening is shaping new advantages for high-quality development. The recently held Central Economic Work Conference clearly pointed out that "we must adhere to relying on reform and opening up to enhance the endogenous power of development, comprehensively promote in-depth reform and high-level opening up, constantly liberate and develop social productivity, stimulate and enhance social vitality".

At present, what is the significance of high-level opening-up to China's economic development? What are the opportunities and challenges facing China's high-level opening up? Under the trend of global integration, how should we promote high-level opening up?

A few days ago, Jin Ruiting, director and researcher of the Institute of Foreign Economic Studies of the National Development and Reform Commission, when visiting the column "Micro observation of China's Economy · Expert Talk", said that at present, the world's biggest change in a century has accelerated its evolution, a new round of scientific and technological revolution and industrial reform has developed in depth, the international balance of power has been profoundly adjusted, and China's development has entered a stage where strategic opportunities and risks and challenges coexist A period of increased uncertainty and unpredictability. To win the advantages, initiative and future, we must implement a more proactive opening strategy, build a new system of a higher level of open economy, and promote the implementation of a higher level of opening up.

We will open wider, broader and deeper to the outside world

This year's Central Economic Work Conference has deployed nine key tasks, including "expanding high-level opening up". Jin Ruiting said that from the content of the meeting, three major signals were sent:

First, China will open wider to the outside world. We will accelerate the construction of pilot free trade zones, free trade ports and other highlands for opening up to the outside world, guide the complementary advantages and coordinated development of coastal, inland and border opening, accelerate the formation of a new pattern of land, domestic and overseas linkage, and east-west two-way opening, and promote China and the wider developing countries to achieve mutual benefit and win-win results. Recently, the State Council approved the establishment of the 22nd Xinjiang Pilot Free Trade Zone, marking that China has basically formed a new pattern of all-round opening up in the east, west, north, south, and middle.

Second, China will open wider areas to the outside world. It will further relax market access and promote the opening up of the service industry, especially in the fields of telecommunications and medical care, which will provide greater market opportunities and development space for global investors.

Third, China will implement a deeper level of opening up. Agreements such as the Comprehensive and Progressive Trans Pacific Partnership Agreement (CPTPP) and the Digital Economy Partnership Agreement (DEPA) are leading the new trend of international economic and trade rules. China will take a more active role in docking with high standards of international economic and trade rules in such fields as goods trade, digital trade, intellectual property rights, government procurement, and the "behind the border" management system, take the lead in carrying out stress tests in areas where conditions permit, promote the formation of more replicable and replicable pilot experience, and explore new paths and accumulate new experience for comprehensively deepening reform and opening up. Recently, the state has made it clear that building a national institutional opening demonstration zone in the Shanghai Pilot Free Trade Zone is an important example.

Jin Ruiting stressed that opening up is China's basic national policy. No matter how the international situation changes, China's door to opening up will only become wider and wider, its business environment will become better and better, its ties with the world economy will become closer and closer, and its breadth and depth of mutual benefit and win-win results with other countries will continue to expand.

Multi dimensional data shows China's high-level opening-up achievements

In the face of profound changes in the international and domestic situation, relying on the huge market potential, stable development environment, and favorable development policies, China has introduced a package of highly targeted and valuable policies around the upgrading of goods trade, opening up of service trade, and digital trade innovation.

In this regard, Jin Ruiting said that these policies have effectively promoted the orderly and free flow of international and domestic factors, efficient allocation of resources, and deep integration of the market, which has not only developed itself, but also benefited the world. The specific performance is 3 5%, 1 6%, and 1 35%.

The three 5% are reflected in three aspects: first, the quality and efficiency of trade in goods have been steadily improved. From 2013 to 2022, China's import and export volume of goods trade hit new highs, rising from US $4.16 trillion to US $6.30 trillion, with an average annual growth of more than 5%; Its share in the international market increased from 11.0% to 12.5%, of which exports and imports accounted for 14.4% and 10.6% respectively.

Second, the actual utilization of foreign capital continued to grow. From 2013 to 2022, China's actual utilization of foreign investment increased from US $123.91 billion to US $189.13 billion, with an average annual growth of about 5%. The proportion of foreign direct investment flow attracted in the world increased from 8.4% to 14.6%, ranking second in the world for many consecutive years. Jin Ruiting said that it is noteworthy that China has announced that it will completely cancel the restrictions on foreign investment access in the manufacturing sector, and support more foreign investors to choose China, invest in China, and share China's development dividends.

Third, the quality of overseas direct investment increased simultaneously. From 2013 to 2022, China's foreign direct investment flow will increase from US $107.84 billion to US $163.12 billion, with an average annual growth of more than 5%; The proportion of China's foreign direct investment flow in the world has increased from 7.6% to 10.9%, ranking the second in the world and the third in the world for 11 consecutive years; The proportion of foreign direct investment stock in the world increased from 2.6% to 6.9%, and its ranking rose from 11th to 3rd.

One 6% is reflected in the bright spots of service trade development. From 2013 to 2022, China's import and export volume of service trade continued to increase from 539.64 billion US dollars to 889.11 billion US dollars, with an average annual growth of more than 6%, ranking second in the world for nine consecutive years since 2014. China has held the China International Trade in Services Fair every year since 2012, released the first negative list of cross-border service trade applicable to Hainan Free Trade Port in 2021, promoted the introduction of the national version and the pilot free trade zone version of the negative list of cross-border service trade, and on the basis of comprehensively deepening the innovative development pilot of service trade, Upgrade and build a national service trade innovation and development demonstration zone.

One 35% is reflected in the fruitful results of international cooperation. China's free trade zone promotion strategy has achieved new breakthroughs, and 22 free trade agreements have been signed with 29 countries and regions. The trade volume with free trade partners accounts for about 35% of China's total foreign trade. In addition, the initiative of jointly building the "Belt and Road" has been solidly promoted, and cooperation documents on jointly building the "Belt and Road" have been signed with more than 150 countries and more than 30 international organizations. Jointly building the "Belt and Road" has become the most popular international public goods in the world.

Improve the level of open economy in an all-round way

Facing the trend of global economic integration, how can China further optimize the structure of opening up and improve the level of open economy?

First, we will steadily expand the institutional openness of rules, regulations, management and standards. We will actively promote the international economic and trade rules of elevation standards, give full play to the pilot free trade zones, free trade ports and other pilot roles, form a batch of replicable and promotable experience in rule docking, rule innovation, rule opening and other aspects, and create a new open highland with a higher level of openness, better business environment, and stronger radiation effect.

At the same time, we will implement the Regional Comprehensive Economic Partnership Agreement (RCEP) in high quality, actively connect with the rules of high-level free trade agreements such as CPTPP and DEPA, deepen reforms in state-owned enterprises, the digital economy, intellectual property rights, government procurement and other fields, and constantly improve China's global factor resource allocation level.

Second, we will deepen the reform of trade and investment systems and mechanisms. It will promote the optimization and upgrading of goods trade, optimize the trade structure, actively expand imports, consolidate the industrial foundation of trade development, and constantly enhance the comprehensive competitiveness of foreign trade. At the same time, it will promote the innovative development of service trade, promote knowledge intensive service trade, accelerate the transformation and upgrading of service outsourcing, innovate the development mechanism of service trade, and comprehensively deepen the innovative development pilot of service trade. Reasonably reduce the negative list of foreign investment access, comprehensively cancel the restrictions on foreign investment access in the manufacturing sector, and jointly build an open world economy.

The third is to jointly build a new golden decade of the "Belt and Road" with high quality. At present, the joint construction of the "Belt and Road" has entered a new stage of high-quality development. We will continue to adhere to the principles of consultation, joint construction and sharing, uphold the concept of openness, green and integrity, achieve the goal of high standards, sustainability and people's well-being, deepen practical cooperation in the economic and trade field, improve the level of unimpeded trade, promote "hard connectivity" in infrastructure, and "soft connectivity" in rules and standards, Realize "heart to heart connection" with the people of the country that we are building together.

Fourth, high-level participation in global economic governance. We will actively implement the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, and work together to build a community with a shared future for mankind. We will promote the G20, APEC and other mechanisms to play a better role, deepen our participation in BRICS, the Shanghai Cooperation Organization and other mechanisms, promote international macroeconomic policy coordination, and effectively maintain a diversified and stable international economic pattern and economic and trade relations.

Next, opening up still faces multiple challenges. Jin Ruiting believes that it mainly includes the following three aspects:

First, in terms of the external environment, affected by the sluggish recovery of the world economy and geopolitical conflicts, some countries politicize, weaponize and pan secure economic and trade issues, and continue to strengthen restrictions on economic and trade cooperation with China under the pretext of "risk reduction", which has a negative impact on China's promotion of high-level opening up.

Second, in terms of system and mechanism, at present, the main social contradictions in China are changing, and there are still many hard bones to chew on in the reform of key areas and key links. In particular, there are still some difficulties and pain points in actively benchmarking the institutional opening of international high standard rules.

Third, in terms of uncertain risks, in the process of promoting high-level opening up, to ensure the reliable and safe supply chain of food, energy and industrial chain and prevent financial risks, there are still some major problems to be solved. All kinds of "black swan" and "grey rhinoceros" events may occur at any time, and various countermeasures need to be taken in advance.

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