China's reform, opening up contribute to economic globalization
Against the backdrop of the twists and turns of economic globalization, China's economy has shown sufficient resilience and great potential. With nearly 1.4 billion people, China has always been a good example of an open economy, as well as a defender and a promoter of globalization.
Reform and opening up
With nearly 1.4 billion people, China has always been a good example of an open economy, as well as a defender and a promoter of globalization.
"China's development made by its reform and opening up policy is inseparable from and mutually reinforcing with the process of globalization," said Zheng Bijian, chairman of the China Institute for Innovation and Development Strategy.
"The current era calls for a new framework of economic globalization and China will contribute to the world economy through opening up," he said.
China has signed documents with more than 160 countries and international organizations on B&R cooperation, which is a good example of China's opening up determination.
Participants attend the forum "'Belt and Road Initiative' and Industrial Cooperation" during the Understanding China Conference in Guangzhou, capital of south China's Guangdong province, Oct. 26, 2019. [Photo/Xinhua]
"The initiative has linked China extensively with its neighbors," said Kishore Mahbubani, a distinguished fellow at the Asia Research Institute of the National University of Singapore (NUS).
With strengthened cooperation, more economic dividends will be seen in B&R countries, he added.
From 2013 to 2018, the trade volume between China and other countries along the B&R surpassed US$6 trillion and China's investment in those countries exceeded US$90 billion.
"Though proposed by China, the opportunities and achievements brought by the BRI are shared by the world," said Zhao Ai, executive vice president of the China Society of Economic Reform.
"The cooperation among B&R countries has opened up new space for world economic growth, built a new platform for international trade and investment and contributed to the improvement of the global governance system," he said.
China has lifted 800 million people out of poverty, which is a remarkable miracle and has made great contributions to the world, said Professor Zheng Yongnian with the East Asian Institute of the NUS.
China has begun to move from quantitative economic growth to qualitative economic development, taking opportunities in the development of the Guangdong-Hong Kong-Macao Greater Bay Area while actively promoting the new round of economic globalization, Zheng added.
