China Opening-Up: Policies fleshed out faster and on higher levels
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02:09
China's opening-up policy is gaining traction, with new measures coming in at a faster pace and on higher levels. Let's show you exactly where China is opening its markets wider to the rest of the world.
China earlier this month granted Japan Renminbi(RMB) Qualified Foreign Institutional Investors a quota of 200 billion yuan. That came in an effort to attract more Japanese financial institutions to China's financial market.
GUAN TAO, SENIOR RESEARCHER CHINA FINANCIAL 40 FORUM "This move will further open up China's capital market, thus letting in more global investors who can also benefit from our economic growth. It demonstrates China's firm determination toward opening-up."
And that's just one of many major breakthroughs in China's opening-up so far this year. The banking, insurance, services and manufacturing sectors have all been embracing more openness. The regulators have eased control of foreign capitals investing in China's auto, shipbuilding and aviation sectors. They also plan to phase out the equity cap on joint ventures in those sectors.
LI YONG, SENIOR FELLOW CHINA ASSOCIATION OF INTERNATIONAL TRADE "Almost every economic sector across the country is now actively pushing forward opening-up on higher levels. By doing that, China hopes to defend the international trade system, create a multi-win situation and add to the balance and inclusiveness of globalization."
Opening-up has enabled China to achieve its high-speed growth in the past 40 years, and it will do the same to the country's quality-oriented development. That was the word from President Xi Jinping at the Boao Forum earlier this year. China is establishing the Xiongan New Area and Hainan Free Trade Zone under Xi's leadership to advance free trade. China is also pushing for multi-lateral trade talks and including more countries in its Belt and Road Initiative.
ZHANG YANSHENG, CHIEF ECONOMIST CHINA CENTER FOR INTERNATIONAL ECONOMIC EXCHANGES "China taking those steps forward is actually in favor of all of its close trading partners. It will help build a wealthier shared future for all humankind."