China’s high-standard opening-up promises more opportunities for foreign businesses

Photo shows Lin Songtian (center), President of the Chinese People's Association for Friendship with Foreign Countries (CPAFFC), delivering a speech at the forum explaining the guiding principles set out at the 2023 Two Sessions, held by the CPAFFC, on April 4, 2023. (People’s Daily Online/Cai Hairuo)

A forum held both offline and online by the Chinese People's Association for Friendship with Foreign Countries (CPAFFC) on Tuesday offered a thorough explanation of the major takeaways, China’s high-standard opening-up in particular, from the annual sessions of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC), or the “Two Sessions”, which were held in March.

The aim of the forum, joined by over 700 representatives from foreign chambers of commerce, multinationals, international organizations, think tanks, media outlets and foreign students, is to interpret China’s domestic and foreign policies, deepen understanding, friendship and mutual trust and promote win-win cooperation and common prosperity.

Looking ahead, China’s economic growth will maintain its great potential, according to Lin Songtian, President of the CPAFFC. First, China’s economy is able to develop upward, which means the country will uphold the new development philosophy and push for high-quality development in fields such as digital economy, internet, artificial intelligence, green and low-carbon innovation. Second, further progress can be made in rural vitalization and urbanization, so as to accelerate the building of a unified national market and expand domestic demand. Third, China can achieve advancement horizontally, pursuing high-quality development of the Belt and Road Initiative (BRI) and strengthening connectivity and common prosperity with the rest of the world.

Guests attend the forum explaining the guiding principles set out at the 2023 Two Sessions, held by the Chinese People's Association for Friendship with Foreign Countries (CPAFFC), on April 4, 2023. (People’s Daily Online/Cai Hairuo)

Yang Changyong, a senior researcher from the China Academy of Macroeconomic Research, provided detailed insights into the country’s high-standard opening-up, concluding that the opening up is being carried out with a wider coverage, more sectors, greater depth and in a more proactive and safer manner.

China’s efforts to press ahead with high-standard opening-up can drive the country’s high-quality development, push for far-reaching reform, and deliver benefits for all, Yang said, noting that China-Europe freight train services launched a host of measures in response to the needs of domestic and foreign enterprises amid the pandemic, ensuring the stability of industrial and supply chains and proving to be a fine example of win-win cooperation.

Citing the government work report adopted by the “Two Sessions”, Yang remarked on the importance of attracting and utilizing foreign capital and further widening market access. He also mentioned that great strides will be made in the further opening-up of China's service sector while the country will steadily further improve and optimize its business environment. “Foreign-funded R&D centers for carrying out fundamental research are encouraged,” said Yang.

Photo shows the forum explaining the guiding principles set out at the 2023 Two Sessions, held by the Chinese People's Association for Friendship with Foreign Countries (CPAFFC), on April 4, 2023. (People’s Daily Online/Cai Hairuo)

Noting the significance of the high-quality development of the BRI, Yang stressed that BRI is not a geopolitical tool, a new military alliance or a zero-sum game, but an economic cooperation initiative aimed at providing a global platform that shares China's massive market opportunities with the world, with the ultimate goal of building a community with a shared future for mankind.

Michael Hart, president of the American Chamber of Commerce in China, said that what made China a desirable part of multinational corporations’ global strategies is the country’s clear long-term development goals, significant market opportunity, and a highly supportive and predictable business environment. “China is one of the most significant markets for the majority of U.S. companies,” he said.

“China vigorously promotes green and low-carbon transformation. In the fields of electric transportation, digitalization, smart manufacturing and smart cities, the country has brought us plenty of new opportunities,” said Winnie Dong, vice president of ABB China. She added that ABB, which is headquartered in Zurich, Switzerland, is confident in its long-term development in China, and will continue to increase investment in R&D of green smart technologies and production facilities in the future.