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Opening-up Enshrined in New Development Pattern

Mar 31-2021   



The Chinese economy has entered a high-quality development stage and is quickening the steps to build a new development pattern, according to Political Bureau meetings and government reports. One of the recurring key words underlining such directions is ‘opening up’. The 14th Five-Year Plan has specified the goal of building a higher-level open economic system, observed Prof. Yu Miaojie, Party Chief and Deputy Dean of the NSD.

 

He spoke in the 56th version of the NSD’s China Economic Observation, which closed in on China’s policies and economy in the wake of the Two Sessions (NPC and CPPCC). Seven NSD professors each spoke on an area based on their respective research and then took questions from the media.

 

In 2021, China will mainly focus on four areas related to opening up, said Prof. Yu. The first one is about stabilizing overall FDI volume and improving FDI quality. On August 5th, 2020, the General Office of the State Council issued a 15-point guideline in this regard. Its implementation requires continual efforts, including facilitating export credits for SMEs and RMB cross-border settlement. On the part of companies, they should work to export to more destinations, combine online and offline channels, and position products for different markets. Other measures include enhancing the volume and quality of service trade and expanding import through various fairs.

 

The second area concerns the effective use of FDI. The key is to pare down the negative lists of service trade, ensure smooth coordination between customs zones under special supervision and the 21 free trade zones, and leverage the open platforms of free trade zones. Equally important is to create a fair, just and open domestic competitive environment for firms of different ownership types and try to get FDI volume to 2% of GDP total.

 

The third focus is the high-quality construction of the Belt and Road with partners concerned. China enjoys close trade ties with countries along the Maritime Silk Road and can work with them by means of export, import, and outbound investment. Partnerships with countries along the Land Silk Road are still at initial stage and should center around import and export. On both roads, companies ought to play the leading role.

 

The fourth task is to carry out domestic reforms while opening up to the rest of the world. Externally, RCEP, CAI and CPTPP are the focal points. Work should also be sped up to facilitate the free trade talks among China, Japan and South Korea. And more should be done to promote US-China relations on a mutual-benefit basis. Internally, barriers should be removed to deblock the domestic market and achieve efficient and tiered development of various regions.

Opening-up Enshrined in New Development Pattern

Mar 31-2021   



The Chinese economy has entered a high-quality development stage and is quickening the steps to build a new development pattern, according to Political Bureau meetings and government reports. One of the recurring key words underlining such directions is ‘opening up’. The 14th Five-Year Plan has specified the goal of building a higher-level open economic system, observed Prof. Yu Miaojie, Party Chief and Deputy Dean of the NSD.

 

He spoke in the 56th version of the NSD’s China Economic Observation, which closed in on China’s policies and economy in the wake of the Two Sessions (NPC and CPPCC). Seven NSD professors each spoke on an area based on their respective research and then took questions from the media.

 

In 2021, China will mainly focus on four areas related to opening up, said Prof. Yu. The first one is about stabilizing overall FDI volume and improving FDI quality. On August 5th, 2020, the General Office of the State Council issued a 15-point guideline in this regard. Its implementation requires continual efforts, including facilitating export credits for SMEs and RMB cross-border settlement. On the part of companies, they should work to export to more destinations, combine online and offline channels, and position products for different markets. Other measures include enhancing the volume and quality of service trade and expanding import through various fairs.

 

The second area concerns the effective use of FDI. The key is to pare down the negative lists of service trade, ensure smooth coordination between customs zones under special supervision and the 21 free trade zones, and leverage the open platforms of free trade zones. Equally important is to create a fair, just and open domestic competitive environment for firms of different ownership types and try to get FDI volume to 2% of GDP total.

 

The third focus is the high-quality construction of the Belt and Road with partners concerned. China enjoys close trade ties with countries along the Maritime Silk Road and can work with them by means of export, import, and outbound investment. Partnerships with countries along the Land Silk Road are still at initial stage and should center around import and export. On both roads, companies ought to play the leading role.

 

The fourth task is to carry out domestic reforms while opening up to the rest of the world. Externally, RCEP, CAI and CPTPP are the focal points. Work should also be sped up to facilitate the free trade talks among China, Japan and South Korea. And more should be done to promote US-China relations on a mutual-benefit basis. Internally, barriers should be removed to deblock the domestic market and achieve efficient and tiered development of various regions.