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China to Make Most of Globalization: Official
In the coming five to 10 years, China will carry out strategic readjustments for its social and economic development, accelerate its reform and opening-up drive, and try to benefit from globalization.
Yu Xiaosong, president of the China Council for the Promotion of International Trade (CCPIT), made the remarks during an exclusive interview with Xinhua Thursday.
In the coming years, China will open up to all the members of the World Trade Organization (WTO), in an all-around and a two-way manner, the CCPIT president said.
China's reform and opening-up policy has benefited its economic and social progress as well as the economic and social progress of the world, he stressed.
As a market with huge potential, China's stability and fast development has brought about good opportunities to businesses all over the world, Yu said.
He called globalization a reality that must be faced by China and all the other countries.
Thanks to the reform and opening-up, China has become one of the world's 10 largest trade countries, with 40 percent of its economy relying on foreign trade, according to the CCPIT leader.
So far, China has invested and opened factories in over 160 foreign nations and regions, while overseas investors from over 180 foreign countries and regions have invested and opened more than 300,000 companies in China, bringing in a total of over 350 billion U.S. dollars of foreign direct investment.
In the meantime, the opening has sped up China's reform and led to the transformation of the country's planned economy to a market economy, resulting in the acceleration of China's modernization, Yu said.
But he said China still has to deal with lots of problems that are hampering its development, such as its smaller per capita amount of natural resources compared with the world's average; a relatively low education level of its people; comparatively small foreign trade, especially in the service trade; unbalanced foreign investment in different areas of the country; and a severe brain- drain.
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