China collaborates with the world to create development opportunities

Editor's note: Zhang Yu is an associate researcher and director of the International Economic and Trade Research Office, National Academy of Economic Strategy, CASS. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

Commitment to the opening-up policy is one of the pivotal factors propelling China's economic rise. A review of the development over the past 45 years shows that China has achieved the following remarkable accomplishments in the realm of opening up.

Firstly, there has been a rapid expansion in trade and investment scales. China has maintained its position as the world's leader in merchandise import and export trade for six consecutive years, and it ranks second globally in terms of the scale of foreign capital utilization and outbound investment. It has become a significant force in the international economic arena.

Secondly, the trade structure has been considerably upgraded. The primary export sectors have transitioned from the initial labor-intensive and low-value-added products to electromechanical products and high-tech products that require more advanced technological skills and command a higher added value.

Thirdly, institutional opening-up has made progress. While consistently lowering market access thresholds for various goods and factors, China has been exploring endogenous institutional opening-up based on various pilot free trade zones. This effort aims to shift the foundation of opening up from a low-cost advantage to advantageous business and institutional environments.  

Fourthly, China has kept abreast of technological trends. Beyond expanding into new industrial sectors through the development of new energy, new materials, and new technologies, China has actively utilized digital and information technology to empower traditional forms of trade, actively developing new trade forms such as digital trade, service trade, and cross-border e-commerce, and maintaining the momentum for continuous advancement in opening-up.

Fifthly, through the integration of domestic and global industrial and supply chain resources, China has tightly woven the domestic economy with the global economy, fostering mutually beneficial interactions between domestic economic development and opening-up.

Sixthly, China has continued to explore emerging international economic and trade relations based on mutual benefits. In particular, amid the current backdrop of global economic downturn and increased uncertainty, as beneficial attempts in line with the concept of "a global community of shared future," the Belt and Road Initiative and the China International Import Expo have persistently exerted spillover and driving effects on the global economy. These initiatives have facilitated countries to collaboratively create development opportunities, share the benefits of opening up, and contribute significantly to painting a new picture of globalization.