China determined to further open up, firmly support multilateral trading system
China is determined to drive further reform and opening-up and supports the global multilateral trading system, Chinese Commerce Minister Zhong Shan said in an article published in the State-backed People's Daily newspaper on Monday.
China's reform and opening-up entered a new historical phase when the country joined the WTO in 2001. Since then, the nation has stepped up efforts to participate in international economic cooperation and competition on a larger scale and at a deeper level, Zhong said.
China has fully executed its commitments to the WTO and successfully opened up goods and services trade in 2010 and 2007, respectively, Zhong said, noting that "the country's market access for foreign capital continues to ease and efforts for the protection of intellectual property rights continue to strengthen."
From 2001 to 2017, the accumulated imports volume in the goods and services sectors stood at $20 trillion and $3.7 trillion, respectively, according to the minister. In that same period, China's outbound direct investment reached $1.1 trillion and foreign direct investment in the domestic market exceeded $1.6 trillion, he said.
China's recent efforts to further open up its market can be seen in its two newly released negative lists.
Chinese authorities on late Thursday released a new negative list that identifies sectors that prohibit or limit foreign investments, and the number of items subject to special administrative measures was cut from 63 to 48, according to the document posted on the website of the National Development and Reform Commission.
On Saturday, the Chinese government unveiled a new negative list for its free trade zones, further easing restrictions on foreign investment in several key sectors, including agriculture, mining, entertainment and telecommunications.
Zhong noted that "economic globalization is an irreversible trend" and that China will oppose any kind of protectionism and continue to defend the global multilateral trading system to support the sound growth of world trade.
"China will keep on being an active participator, firm supporter and vital contributor to the multilateral trading system," the minister said, adding that the country will promote high-quality development driven by high-level opening-up and will share opportunities and interests with countries across the globe.
Zhong said that in a bid to enhance competitive competence and innovative ability in the global markets, domestic industries will vigorously promote industrial restructuring and actively integrate into the global value chain.
China on Thursday issued a white paper, saying it will continue to give firm support to the WTO in playing a greater role in global economic governance.
