China has much to offer world with open economy, official says

China will build a trade and investment environment that puts a premium on liberalizing trade and promoting investment and will create new systems that encourage the more efficient allocation of resources globally, a top Chinese official says.

Hu Jinglin, vice-minister of finance, made the remarks on Tuesday at the China Forum on Opening and Development, hosted by the Chinese Academy of International Trade and Economic Cooperation in Beijing.

China would also help coordinate global macroeconomic policies, arrange more business exchanges and work more closely with overseas partners, he said.

Based on the Belt and Road Initiative, it would also support building international transport links, developing cross-border trade and setting up and running multilateral development banks.

Gu Xueming, president of the Chinese Academy of International Trade and Economic Cooperation, part of the Ministry of Commerce, said the world's economic outlook has changed greatly, and that China's economy is entering a new normal. In such circumstances a more open country could make a major contribution to world economic growth, he said.

A more open China would share its manufacturing with the world, he said, adding that of about 500 types of major industrial products worldwide, China produces the most, about 220. As industries upgrade, the country's manufacturing would exert much greater influence, he said.

A more open China would share its market with the world, thus giving a flip to many countries' exports, and would be an important source of profit growth for many multinational companies. A more open China would also contribute to the world with more resources, such as capital, technology and talent, he said.