Xi underlines China's commitment to open world economy amid pandemic fallout

Although the COVID-19 pandemic has plunged the world into recession and stoked anti-globalization sentiments, China has never wavered from its determination to build an open economy.

Chinese President Xi Jinping attends Session II of the 15th G20 Leaders' Summit via video link in Beijing, capital of China, Nov. 22, 2020. [Photo/Xinhua]

The country has continued to make resolute efforts with a deft hand in pursuit of its goal.

Attending a series of international meetings last week, President Xi Jinping delineated ways to tackle the most pressing challenges facing humanity.

He voiced a steadfast commitment that China will embrace the world with more open arms and create greater global recovery opportunities.

"Openness enables a country to move forward, while seclusion holds it back," Xi said at the Asia-Pacific Economic Cooperation (APEC) CEO Dialogues via video link. "We need to step up policy communication and coordination, intensify all-round global cooperation against COVID-19 and keep the global economy open."

Promoting connectivity

Noting that the pandemic once again shows how the interests of all countries are closely interwoven and humankind shares a common stake, Xi urged all countries to act in the spirit of partnership and get through this tough time together.

China has opened "fast tracks" with fellow APEC members like Indonesia, the Republic of Korea and Singapore to facilitate the movement of people during the pandemic, while more efforts have been pledged to set up "green lanes" with all other parties to improve the efficiency of customs clearance, unclog bottlenecks, and reconnect disrupted links.

Members of the Group of 20 (G20) should ensure smooth functioning of the global economy and restore the secure and smooth operation of global industrial and supply chains, cut tariffs and reduce barriers, Xi also noted.

"The pandemic has further highlighted the importance of connectivity," said Xi, adding that connectivity is vital to regional economic integration and an essential underpinning for interconnected development of the world.

A China-Europe freight train carrying medical supplies bound for Madrid of Spain departs from the city of Yiwu, east China's Zhejiang Province, June 5, 2020. [Photo/Xinhua]

Addressing the 27th APEC Economic Leaders' Meeting, Xi said China welcomes the signing of the Regional Comprehensive Economic Partnership and will favorably consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Xi's words demonstrate China's sincere attitude towards strengthening cooperation with the Asia-Pacific region, which will contribute to the continuous improvement of regional integration, said Miguel Rodriguez Mackay, president of the Peruvian Institute of Law and International Relations.

Forging greater innovation synergy

"As we continue to work on free and open trade, we should pay no less attention to economic and technical cooperation," said Xi, stressing that the digital economy represents the future direction of global development.

Noting that the COVID-19 has fueled the boom of new technologies, business forms and platforms, opening new pathways for economic growth, Xi said efforts should be advanced in harnessing the digital economy's role.

Xi underscored efforts to implement the APEC Internet and Digital Economy Roadmap in full in order to spur the dissemination and application of new technologies, strengthen digital infrastructure, and close the digital divide.

Photo taken on Sept. 5, 2020 shows a view of the 5G communication services exhibition area of the 2020 China International Fair for Trade in Services in Beijing, capital of China. [Photo/Xinhua]

He also called for improving the doing-digital-business environment and energizing market players.

Xi stressed that the G20 should address the challenges posed by the digital economy to employment, taxation and vulnerable groups, as well as explore and formulate digital governance rules based on the China-proposed Global Initiative on Data Security.

The initiative, launched by China in September, aims to jointly foster peaceful, secure, open, cooperative and orderly cyberspace to enable sound growth of the digital economy.

Ong Tee Keat, founding chairman of the Center for New Inclusive Asia, a think tank based in Kuala Lumpur, said growth potentials brought about by technological innovation can inject new impetus into China's future international cooperation.

More opportunities for shared benefits

Expounding on China's new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, Xi said it will enable China to fully unlock its market potential and create greater demand for other countries.

China will further cut tariffs and government instituted transaction costs, and open a number of demonstration zones for the creative promotion of import trade in order to increase import of quality goods and services, Xi vowed.

People shop at a duty-free store in Haikou, capital of south China's Hainan Province, Nov. 10, 2020. [Photo/Xinhua]

He reiterated that China's new development paradigm is by no means to close its doors but to build a new system of open economy of higher standards.

China has taken numerous policy-related steps to open the country wider. It has fully implemented the Foreign Investment Law, eased foreign access to the financial market and unveiled more pilot programs to promote trade in services.

China's new development paradigm will bring in a new round of opening-up, provide greater opportunities and more room for post-pandemic global economic recovery and development, as well as further encourage countries to forge cooperation, according to Ong.

Xi pledged that China will be more vigorous in integrating with the global market and will take more initiatives in deepening international cooperation in a bid to create more opportunities and space for global recovery and growth.

"China is committed to opening-up, which is its fundamental policy, a policy that will not change at any time, " said Xi.