China's fresh round of opening-up promises to humanize globalization and energize global economy
China's push toward further opening-up promises to be a game-changer that could help usher in a new era in global trade, international cooperation and globalization, experts said.
The timing of the new wave of economic reforms is significant, 40 years after the first wave of economic reforms, and when the world is now riven with discord and discontents over perceived widening of economic inequities between social classes and between nations. Such perceptions have been causing over-reactions like protectionism and unfair practices, they said.
For one, trade would become more inclusive, given China's status as the world's second-largest economy. For another, many nations will likely share benefits arising from China-led initiatives.
That, in turn, would inject new growth momentum into a global economy that has been floundering of late due to strong headwinds facing globalization. Higher growth worldwide as a result of China's efforts would eventually improve lives and deliver prosperity to vast multitudes, officials and business executives said.
On Tuesday, Chinese President Xi Jinping, who is also the general secretary of the Communist Party of China Central Committee, called for the development of a modernized economy to push the country's economic development to the next higher level.
He called for an open economy marked by higher standards－diverse, balanced, secure and efficient. The big idea is that opening up on all fronts should help not just China but the entire world, given the pivotal role of the local economy in the global scheme of things.
Xi's vision was also articulated by Liu He, a member of the Political Bureau of the CPC Central Committee, in an address to the annual gathering of the World Economic Forum at Davos in Switzerland last month.
Liu spoke about Xi's vision of a global community of mankind with a shared future characterized by pursuit of free trade and a more humane globalization. The vision unveiled China's new reforms beginning this year.
Liu told the WEF that China will encourage both inbound and outbound investment and business activities as it seeks greater economic and trade interactions with other countries. The country will work with them to establish an open world economy, he said.
The country will continue to let the market play a decisive role in resource allocation, and focus on better protection of property rights, especially intellectual property rights, said Liu, who is also the director of the General Office of the Central Leading Group for Financial and Economic Affairs.
