China to benefit global economy with further open up policies (3)

Shared development for all

During the forum, the Chinese Academy of International Trade and Economic Cooperation released an opening-up report, which attempts to build a system for evaluating an economy’s openness, and aims to assess China's endeavors objectively and fairly.

The report comes amid escalating trade tensions between China and the US, the world's top two economies, and rising worldwide protectionism and anti-globalism. The report also responds to doubts among foreign governments and media outlets about China, noting that China's opening up is fair and beneficial for all.

"At a time when protectionism has prevailed, it's crucial to construct a comprehensive and fair system to assess the extent to which a country is opening up," Zhang Wei, deputy president of the Chinese Academy of International Trade and Economic Cooperation, told reporters on the sidelines of the forum. "China has been opening up on all fronts. It's improper to evaluate such efforts based on only one criterion."

According to the report, China is the second-largest economy to invest abroad, while its foreign direct investment reached $1.98 trillion in 2018, ranking second in the world. The country almost fully opened its agricultural and manufacturing industries to foreign investment, benefiting both developing and developed countries.

China has fulfilled its commitments since its entry to the World Trade Organization, and has been continuing to open up wider on its own agenda, Zhang said, citing the finance sector as an example.

China's opening up has strengthened confidence among foreign investors. According to a report released by the Organization for Economic Cooperation and Development (OECD), China's Foreign Direct Investment (FDI) flows increased by 5 percent in the first six months of 2019, while FDI flows into the US dropped by more than a quarter.

"It's obvious who is becoming more open and who is becoming more conservative," commented Geng Shuang, spokesperson of China's Ministry of Foreign Affairs, at a press conference in October, adding that the main reason for the drop in global FDI is protectionism and unilateralism.

The spokesperson also reiterated China's stance on opening up, commenting that China will further open its door to the world, and continue to combat unilateralism and protectionism with the help of the international community.