GUANGZHOU, Dec. 3 (Xinhua) — The 2023 Understanding China Conference (Guangzhou) highlighted China’s dedication to high-level opening up, with participants from both China and abroad sharing their insights and perspectives on the topic.
This year marks the 45th anniversary of the beginning of China’s reform and opening-up. Over the decades, China has remained committed to its fundamental national policy of opening up to the outside world and has pursued a mutually beneficial strategy of opening-up. Today, it is also striving for high-quality development and high-level opening-up.
According to conference participants, China has played a significant role in the growth of the world economy by sharing development opportunities through its opening-up process. Through high-level opening-up, China aims to provide a strong impetus for its economic development and support the construction of a community with a shared future for humanity.
Shang Fulin, a former banking regulation official, emphasized that since the beginning of reform and opening-up, China has actively embraced globalization and made the most of opportunities brought about by economic globalization. By adhering to its fundamental policy of opening-up, China has unleashed significant social productivity and strengthened its ties with the world economy, he added.
China’s average contribution to global economic growth was in excess of 30 percent from 2013 to 2021, establishing itself as a crucial stabilizer and driving force for global economic expansion.
Despite facing challenges such as intense geopolitical competition, rising unilateralism, and protectionism, China remains dedicated to opening-up and has become a crucial force driving globalization, Shang said.
To advance high-level financial opening-up, Shang called for the promotion of institutional opening-up, improved facilitation of cross-border investment, and the active establishment of a fair competition environment in line with high-level opening-up.
“It also requires the effective leveraging of the vast potential of the domestic market, strengthened international cooperation, and sharing of China’s development opportunities. Additionally, China should actively participate in global economic and financial governance, contribute to the reform of global governance systems, and engage in the formulation of global economic rules,” Shang added.
Fred Hu, founder and chairman of investment firm Primavera Capital Group, stressed the need for China to persist in its high-level opening-up, promote high-quality development, and foster a market-oriented international business environment with the rule of law. Efforts should also be made to improve relationships with major trade and investment partners and reduce geopolitical uncertainties.
“China still possesses tremendous advantages and limitless potential. It will remain a primary destination for global foreign direct investment and continue to serve as a powerful engine for world economic growth,” Hu said.
CP Pharmaceutical Capital Group, a multinational group covering various industries, was among the first foreign companies to enter China after the country adopted its reform and opening-up policy in the 1970s.
“Our company has witnessed the miracle of China’s economic development. We are also among the participants and beneficiaries of China’s reform and opening-up. China’s reform, opening-up, and engagement in economic globalization have brought about a new and promising development outlook for both China and the entire world,” said Tse Ping, chairman of the group.
“Economic globalization has been disrupted by various factors. However, the Chinese government is advancing its higher-level opening-up in a timely manner, which has provided visionary entrepreneurs with new development opportunities,” Tse noted.
Toshinobu Umetsu, president and CEO of Shiseido China, said that Japanese cosmetics giant Shiseido Group has benefited from China’s rapid economic growth and is willing to participate in and promote China’s high-level opening-up.
