China's vigorous promotion of internl co-op boosts reform, opening up

China's vigorous promotion of international economic and trade cooperation plays a significant role in boosting the country's ongoing profound economic reform and opening up, and realizing an all-win situation in international cooperation.

A latest landmark approach adopted by China in this endeavor was its active promotion of launch of the Free Trade Area of Asia-Pacific (FTAAP) process at the just-concluded meetings of the Asia-Pacific Economic Cooperation (APEC) forum.

Establishment of the FTAAP is emerging as yet another major approach for a world with an open economy, where a more open China can deepen its process of reform and opening up since 1978, and contribute more to the rest of the world.

Deepening reform is a perpetual driving force for the development of China while accelerating the process of opening-up is a boost to reform.

To comprehensively deepen reform, China needs to advance opening-up at a higher standard, Chinese President Xi Jinping said when addressing the APEC CEO Summit on Sunday.

To meet the targets of reform, it is inevitable to create a new high-level opening-up situation.

In the process, China has proposed or promoted a host of initiatives and plans, such as the initiatives on the Silk Road Economic Zone, the 21st Century Maritime Silk Road, the BRICS Development Bank and the Asian Infrastructure Investment Bank. At the APEC meetings in Beijing, China pledged to contribute 40 billion U.S. dollars to found a Silk Road Fund.

Xi mapped out the country's grand reform blueprint to Sunday's APEC CEO Summit, saying China seeks to establish an open economic system, lower the threshold for market access, increase openness of the service sectors including the capital market, and open more hinterland and border areas to foreign investment.

China's vigorous promotion of reform and opening up benefits not only China itself, but also the rest of the world.

On the one hand, opening-up will help China digest surplus production capacity, diversify foreign reserves investment, and adjust and optimize the economic structure. Meanwhile, it will contribute to enabling China to play a more active role in the global economic and political structure through wider opening to the outside world.

In addition, China still needs to take in foreign investment, import technologies and attract talents, in order to cultivate the country's new advantages in global competition, expand new space for economic growth, forge an updated version of the economy and promote free and orderly exchange of international and domestic resources.