China supports building an open world economy

China is willing to work with all parties to build an open world economy, said China's Commerce Minister Wang Wentao on Monday as he attend the 13th Ministerial Conference of the World Trade Organization (WTO) in Abu Dhabi, United Arab Emirates.

Wang stressed that the Chinese government firmly upholds the multilateral trading system and attaches great importance to the work of the WTO.

The Chinese commerce minister pointed out that the WTO should advance a universally beneficial and inclusive economic globalization, safeguard the right to survival and development of developing members, especially the least developed countries, and strengthen the stability and resilience of the global industrial chain supply chain.

The WTO should inject new impetus into global economic growth, promote green industry and green manufacturing as a new engine of economic growth, and incorporate Investment Facilitation for Development (IFD) Agreement into the WTO legal framework as early as possible, so as to reach a high-standard multilateral digital trade rule at an early date.

Noting China is comprehensively promoting Chinese modernization with high-quality development, Wang said it will provide new opportunities for global economic recovery.

China will persist in opening up to the outside world at a high level, promote the innovative development of trade digitalization and greening, and strive to create a first-class business environment that is market-oriented, rule of law-oriented and internationalized, Wang stressed,

He also said China will steadily expand system-based opening up, narrow the negative list for foreign investment access, implement the full abolition of restrictions on foreign investment access in the manufacturing sector, and guarantee equal treatment for foreign-invested enterprises.

China is confident that it will push the Chinese economy forward steadily in a new stage of high-quality development and provide lasting impetus to the growth of the world economy and trade, said Wang.

Ministers representing 123 WTO members on Sunday also issued a Joint Ministerial Declaration marking the finalization of the IFD Agreement.

Speaking at Sunday's meeting, Wang said the finalization of the IFD is another important victory for multilateralism and a practical example of promoting the inclusive development of the multilateral trading system.

This also reflects the innovation and development of the WTO rules system and proves that WTO is capable of pushing its own reforms in the right direction, he added.

As three-quarters of WTO members participated the IFD, Wang said China is willing to work with the participants to promote the accession of those members that have not yet acceded to the Agreement as soon as possible, and to support the incorporation of the Agreement into the WTO legal system.