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Xi's message of upholding open economy benefits int'l trade, say foreign scholars

(Xinhua)    14:48, November 07, 2019

BEIJING, Nov. 7 (Xinhua) -- Global trade will greatly benefit from China's commitment to an open world economy reflected in President Xi Jinping's keynote speech Tuesday at the opening ceremony of the second China International Import Expo (CIIE), foreign scholars have said.

Xi's speech sent out a signal that China stands for an open global economy in the current climate of rising protectionism, said Holger Goerg, a German economist at the think-tank Kiel Institute for the World Economy.

Research shows that events like the CIIE have "a positive impact" on international trade "by bringing buyers and sellers together and creating new networks," he said, adding this can also counteract the negative effects of trade disputes.

Sourabh Gupta, a senior fellow at the Washington-based Institute for China-America Studies, said Xi's speech was "a comprehensive and balanced address" that touched on "what China and the world, together, could do to protect multilateralism, openness and interdependence."

"The occasion was just as important: an exposition to boost imports to China, and thereby symbolizes China's commitment to transition to a more balanced investment and consumption-led growth model," Gupta said.

"Indeed, the greatness of economic influence is best reflected in the scale of one's imports from the world," he added.

Eduardo Regalado, a researcher on Asia at Cuba's Center for International Policy, stressed that Xi's speech showed "the willingness ... of China to defend the global prosperity" by convening countries to open their economies to cooperation and exchanges.

China opens its doors to the world with the CIIE at a moment of a resurgence of new protectionist policies harming many countries that depend mostly on their exports, allowing these nations to sell products and have healthy economies, Regalado said.

So the expo in Shanghai has an extraordinary significance at this time, not only for China, but for the world economy, the Cuban expert concluded.

Abdulaziz Alshaabani, a Saudi journalist and researcher in Chinese affairs, said China's commitment to further opening up and promoting an open world economy sets a good example for other countries.

By creating a good business environment, China will offer abundant opportunities for the sustainable development of its economy as well as for the world to benefit from this huge market, the researcher said.

An open and inclusive market allows Chinese companies to compete with strong international counterparts and learn from them, which is a great opportunity for Chinese firms to grow and is beneficial to all, he said.

Noting China's development in innovation and technology is advancing at a fast pace, Alshaabani welcomed more Chinese investments in Saudi Arabia.

It will greatly enhance the connection between the China-proposed Belt and Road Initiative and Saudi Vision 2030 development plan and push forward their joint development, the researcher added.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Liang Jun, Bianji)

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