By Long Guoqiang, DRC

Opening up to the outside world is a basic national policy of China. The CPC Central Committee headed by General Secretary Xi Jinping has made an accurate judgment on the new changes of international situation, and on the basis of a profound understanding of the new requirements posed by domestic reform and development, put forward the new concept of opening development, which has advanced the progress of opening-up to a new high.

First, we need to properly grasp the new connotations and strategic opportunities. Since the outbreak of international financial crisis in 2008, the global economy has entered a period of profound readjustment. The global economic governance is experiencing a course of transformation, and new international economic and trade rules and regulations are taking shape. With regard to China, there are more opportunities than challenges. China’s new technological revolution featured by information technology is developing rapidly; multinational corporations are speeding up to transfer their high-end industrial activities to China; high-level talents are gathering in China; the boom of construction of international infrastructure is driving the upgrading of China’s export structure; the sluggish world economic performance has offered Chinese enterprises opportunities to conduct mergers and acquisitions overseas.

Second, we need to sharpen China’s international competitive edge. Viewing from the overall domestic and international situation as well as economic performance in domestic and international markets, we need to shift from utilizing low-cost-oriented growth model to mainly depending on quality, technology, brands and better services to participate in and foster new advantages in international competition. We need to make reform in relevant institutions and regulations and construct an open economy-based mechanism; we need to forge a new opening up pattern and realize complementary advantages in different regions.

Third, we need to adhere to the principle of mutual benefit and build a community of shared future. 1. We need to actively participate in the international economic governance and promote the reform of international economic governance system. 2. Guided by the Belt and Road Initiative, we need to uphold the principle of peace and cooperation, openness and inclusiveness, mutual learning and mutual enrichment and push forward regional economic cooperation. 3. As a big and responsible country, China should, in the course of opening up, be open-mined to learn from people of all countries in the world. Based on inclusiveness, mutual learning and connectivity with neighboring countries, we need to strive to realize the goal of win-win cooperation with shared benefit.

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