BEIJING, March 10 — When the COVID-19 pandemic drained international financial confidence final yr, China’s dynamic market introduced a way of certainty.
Now on the ongoing annual “two periods” the place lawmakers and political advisors nationwide pool their knowledge into China’s modernization drive, China reaffirms its decades-long dedication to opening-up.
China is able to open extra broadly and assured in its capacity to take action, constructing on its robust restoration momentum. Final yr, the nation pulled forward of the most important economies to attain constructive development, with its gross home product (GDP) rising 2.3 p.c yr on yr.
Anticipating bullish development in 2021, the nation has set its annual GDP goal at over 6 p.c, boosting morale whereas leaving room for coverage maneuver. Market expectations and forecasts by main worldwide organizations level to increased development. The Group for Financial Cooperation and Growth projected that China’s GDP will rise 7.8 p.c this yr. Little doubt, the China locomotive will proceed to inject impetus to the pandemic-hit international financial system.
China’s integration into the world confirmed that there isn’t a cause for the nation to close its doorways. It’s crystal clear that openness results in prosperity, whereas closed doorways invite obscurity.
This yr marks the twentieth anniversary of China’s accession to the World Commerce Group. China has constantly contributed to the method of globalization and achieved win-win outcomes alongside the remainder of the world. Over the previous twenty years, the nation’s common annual contribution to world financial development has neared 30 p.c, whereas its total tariff degree has dropped from 15.3 p.c to beneath 7.5 p.c.
At this historic improvement juncture and the start line of the 14th 5-12 months Plan (2021-2025), China’s financial system has launched into a brand new journey with three main driving forces: scientific and technological innovation, the growth of home demand, and reform and opening-up, which is able to assist additional unleash the vitality of the nation’s big market.
China will promote the liberalization and facilitation of commerce and funding, and steadily promote the opening-up of economic sectors together with banking, securities, insurance coverage and futures, in accordance with the draft define of the brand new five-year plan.
Along with alternatives, opening-up additionally brings new challenges. How can the world’s second-largest financial system proceed to flourish amid intensified international competitors?
“Going through new issues and challenges introduced by globalization, we must always not retreat into protectionism, isolation or decoupling, however work collectively to make globalization extra open, inclusive, balanced and useful for all,” State Councilor and International Minister Wang Yi mentioned throughout this yr’s “two periods.”