China's growth, opening up a boon for world

Opening, reform

After over three decades of reform and opening up, China will kick open the economic doors even wider to the world in the coming five years.

Opening up was championed along with innovation, coordinated and green development, and sharing as the engines that will fuel the journey toward achieving the proposals.

The proposals promised further opening-up in the tertiary industry, including banking, insurance, securities and nursing homes; the opening of the capital market wider to overseas investors; make the Chinese currency renminbi, or the yuan, convertible for capital accounts; and expand the investment quota for qualified foreign institutional investors.

China will also promote the "negative list" model nationwide, which is currently only adopted in the country's four free trade zones, Shanghai, Tianjin City and Guangdong and Fujian provinces.

"More investment opportunities will be created amid closer economic ties between China and the world," said Bai Ming, a researcher with Chinese Academy of International Trade and Economic Cooperation with the Ministry of Commerce.

Win-win cooperation

In the next five years, China will promote win-win international cooperation in multiple fields, including industry, finance, poverty relief and climate change.

China will continue to promote the Belt and Road through cooperation with countries and regions along the routes, and participate in global industrial and equipment manufacturing cooperation, according to the proposal.

Bai said the cooperation will improve the infrastructure condition and boost economy in those regions and facilitate the global journey of Chinese enterprises.

The proposal also said China will continue to intensify cooperation with international financial institutions, participate into the establishment of the Asian Infrastructure Investment Bank and New Development Bank, and leverage the Silk Road Fund.

In addition, China will actively take international responsibilities and deliver its promises in poverty alleviation and climate change, according to the proposals.