A more open China creates opportunities for world economy

China's adherence to the basic state policy of opening up, which was underscored by the just-concluded 18th Communist Party of China (CPC) National Congress, would not only help the country prosper, but bring various opportunities to the world economy.

Since adopting the reform and opening up policy more than three decades ago, China has steadily integrated itself into the global economy.

It now has significant influence on world prosperity due to its status as the world's second-largest economy, biggest manufacturer and exporter and owner of the world's largest amount of foreign exchange reserves, and its fast pace of development.

The CPC congress's frequent emphasis of "opening up" was exciting and encouraging as a more open China promises more opportunities to the world, which will benefit all.

In a keynote speech at the congress, President Hu Jintao urged the implementation of a more proactive opening-up strategy to improve the economy and promote mutual benefit.

The goal is to make the economy diversified, balanced, secure and efficient by boosting domestic demand and encouraging coastal, inland and border areas to draw on each other's strengths in the drive of opening up.

Such efforts will turn China into a larger market and investment place, thus injecting vigor to a world economy clouded by debt crises and desperately needing engines.

It was good news particularly for several corporations of high-income countries like Burberry and BMW, which have already considered China their largest export market. For those less-developed countries which mainly produce agricultural and natural resource commodities, China would develop a bigger appetite.

The enriched "opening up" also encourages Chinese companies to expand their overseas presence at a faster pace and enhance their international cooperation.

In so doing, these companies would bring numerous jobs to countries hit by high unemployment. And for emerging markets and low-income countries, Chinese companies would provide advanced technology, funds and infrastructure investment, which would promote their economic development and improve their people's livelihood.

At last but not least, an open China requires overall planning about bilateral, multilateral, regional and sub-regional opening up and cooperation.

The establishment of cooperative blocs on regional and world arena, in which China can play a positive and constructive role, enables participants to develop more robust economic rules, improve the performance of their markets and help them resist economic woes.

The enriched and stressed policy of reform and opening up would strengthen the momentum of China's win-win cooperation with other world economies.