Chinese State Councilor and Foreign Minister Wang Yi said on Tuesday that opening-up is China's set state policy, decoupling from the Chinese economy would be decoupling from opportunities, and from the future.

The country will never close its door, which will only open even wider, Wang made the remarks while addressing a dinner co-hosted by National Committee on U.S.-China Relations, U.S.-China Business Council, U.S. Chamber of Commerce and Council on Foreign Relations.

China fulfilled as early as in 2010 its tariff reduction commitments made upon joining the WTO, Wang said, adding that the country is accelerating its structural reform.

This month, China announced the further opening-up of the Chinese market by abolishing QFII and RQFII investment quotas, Wang noted. The Foreign Investment Law and its matching regulations will enter into force next year to foster a fairer and more transparent business environment.

He also stressed that opening-up should go both ways. As China opens up more to the U.S. and the rest of the world, the U.S. should do the same to China and remove all unreasonable restrictions.

Speaking about the current China-U.S. trade tension, Wang emphasized that mutually beneficial cooperation is the right option for China and the U.S.

Wang continued to explain that the two largest economies have benefited tremendously from cooperation in the past 40 years. China-U.S. trade in goods surged by 252 times over four decades. 

A USCBC report found that between 2009 and 2018, U.S. exports to China alone have supported more than 1.1 million jobs in the U.S.. Ninety-seven percent of the U.S. companies surveyed reported profits from doing business with China. And trade with China has saved 850 U.S. dollars for every U.S. family on average per year, Wang added.

He stressed, that opening-up and integration is the right direction, and neither China nor the U.S. can move ahead without the other.