40 Years & Counting: China to further open up

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This year marks the 40th anniversary of China's reform and opening-up. The past four decades have witnessed upgrading and improvement in China's economy, governance, health care, education and more.

These significant achievements could not have been made without significant reforms; and significant reforms could not have been carried out without significant opening up.

From a relatively closed country, China became the largest trading partner of over 130 countries and is actively engaging with international organizations, including the UN, WTO, G20, and BRICS.

However, opening-up must continue.

Automobiles are displayed at the China International Import Exhibition in Shanghai, November 7, 2018. /VCG Photo

For the past 40 years, opening up has been the engine of China's reforms and development. As a result, mechanisms of competition were introduced, sustaining continued growth and enabling a steady economy – the groundwork for China's overall economic development.

Now in the new era, China is seeking higher-quality opening-up. At the 19th CPC National Congress, the country vowed to "pursue opening up on all fronts" and adopt policies to promote liberalization and facilitation of trade and investment – all at international standards.

For foreign investors, China will significantly ease market access and protect their legitimate rights and interests.

As of July 1, 2018, China reduced import tariffs on vehicles and auto parts to 15 percent and six percent respectively, a sign of further opening-up.

For China's economic development to continue, reform should improve the rule of law and ensure a fair and transparent environment.