Defending free trade: China commits to open economy in its 15th Five-Year Plan

Editor's note: Chen Guifang is a special commentator on current affairs for CGTN. The article reflects the author's opinions and not necessarily the views of CGTN.

The communique adopted at the fourth plenary session of the 20th Central Committee of the Communist Party of China rings with a clear message: China should continue to safeguard the global multilateral trading system, and share opportunities and achieve common development with the rest of the world.

Such commitment, often stressed by Beijing, now gains particular weight since it forms the foundational text of the forthcoming 15th Five-Year Plan (2026-2030), a blueprint that doubles down on an open economy, even as global currents seem to turn towards protectionism.

The plan's guiding text is explicit. China pledges to "promote high-standard opening up and create new horizons for mutually beneficial cooperation." This is no mere lip service; it entails "expanding opening up at the institutional level" and "promoting broader international economic flows," among others.

In an era when the lure of isolationism tempts many other capitals, China is positioning its next five years as a vigorous defense of global commerce, making it a guideline to use openness to spur its own reform and development.

China's resolve to defend free trade is supported by a solid foundation of its recent achievements. During the 14th Five-Year Plan (2021-2025) period, the country's status as a global trading power has been cemented.

Its goods trade has consistently topped the world rankings, with export and import market shares remaining stable at over 14 percent and 10 percent respectively. Its services trade, crossing the $1 trillion mark last year, holds the world's second-largest share.

Foreign direct investment (FDI) in China has not only met but exceeded its $700 billion target during the 14th Five-Year Plan period, with cumulative utilized FDI reaching $708.7 billion by June this year, burnishing the "Invest in China" brand.

Moreover, China has accelerated its high-quality opening up endeavors: the negative list for foreign investment has been consistently shortened, with manufacturing restrictions now zeroed out. Its extensive network of 22 Free Trade Zones actively pilots high-standard international economic rules.

This commercial vibrancy is underpinned by an expanding circle of friends. China's trade with its Belt and Road Initiative (BRI) partners has surged, now accounting for over half of the its total.

As Chinese Commerce Minister Wang Wentao rightly points out, China serves as the main trading partner for over 150 countries and regions, ensuring the resilience and stability of global supply chains.

For smaller nations, such stability is a vital lifeline. As Iceland's President Halla Tomasdottir recently observed in Beijing, smaller countries depend on a world that is held together by an international rules-based order, an order she very much appreciates China's continued emphasis on.

In an age of mounting global instability, if not disorder, Beijing's commitment to multilateral trade is a welcome reassurance, offering a steady anchor amidst the turbulent waters of geopolitical fragmentation.

Looking ahead, the 15th Five-Year Plan outlines a strategy that moves beyond basic market access. Minister Wang detailed four core areas for the coming period: taking the initiative to broaden economic openness, driving innovative trade development, expanding space for two-way investment and pursuing high-quality BRI cooperation.

As Minister Wang has stressed, China will let its vast market become a global opportunity and make foreign firms willing to "come, stay, and thrive."

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