The Economic Reform of China

Chinese President Xi Jinping assured world business that China will continue to open its market and share great opportunities for common development with other countries, despite the growing risks and uncertainties caused by the growth of protectionism and the practice of intimidation of the world’s second economy..

In his speech at the Asia-Pacific Economic Cooperation (APEC) Forum, the Chinese leader urged the business community to contribute to development, as well as the promotion of trade and investment liberalization, to ensure that the Asia-Pacific region has a leading role in achieving economic recovery..

«We welcome cooperation with all other regions, countries or companies that want it», – said Xi Jinping.

«I would like to reiterate that China is committed to an open position and intends to open its doors wider to the world.», – he added. The country will continue to promote trade and investment liberalization and facilitation through negotiations, high-quality free trade agreements with a large number of states, and active participation in bilateral, multilateral and regional trade and investment cooperation mechanisms..

In response to the Western stance that the Chinese economy is increasingly shutting itself off from foreign markets, Jinping stressed that China will not change course or go against the historical trend.. Encouraging a new development paradigm, the country strives for open and domestic and international communication.

During his speech, he also stressed the importance of close interaction of economic cooperation within the framework of the specifically Asia-Pacific region.. «APR is our common home. Maintaining peace, stability, development and prosperity in the region is in the interests of all of us», – said the PRC President.

He expressed the hope that companies can contribute to promoting openness and development, explore innovative growth, partner to achieve mutually beneficial cooperation and actively fulfill their social responsibilities..

China will continue its course towards opening its own markets and is ready to cooperate with everyone.

Xi Jinping’s speech demonstrates to the markets China’s commitment to free trade and multilateralism. It is worth noting that China is the only major economy to record positive growth this year. Experts hope that the Celestial Empire will not close its doors, but instead share its experience and offer new opportunities to the world affected by the pandemic.

«Amid the impact of the coronavirus and growing external uncertainty, China’s role as a responsible country pushing free trade and multilateralism forward will not change in APEC and other global organizations. However, it is very likely that the international community will place more hope in China, as the US is still in a fever.», – said Deputy Director of the Institute for International Market Research, Department of Commerce Bai Ming.

«APEC, which is composed of 21 countries, is an important platform for the development of regional cooperation and trade facilitation, and these areas have always been supported by China.», – says a researcher at the Shanghai Institute of International Studies Zhao Gangcheng.

APEC’s post-2020 strategy includes ambitious goals and important guiding principles for future cooperation in the region.

Min noted that the region’s position could be closely linked to China’s next five-year plan, which could provide opportunities for global economies seeking to develop business and trade in the post-pandemic period..

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