High-level opening-up in spotlight at int'l conference

GUANGZHOU, Dec. 3 (Xinhua) -- China's high-level opening-up was in the spotlight at the 2023 Understanding China Conference (Guangzhou), with attendees from home and abroad sharing their insights and perspectives on the topic.

This year marks the 45th anniversary of the beginning of China's reform and opening-up. Through the decades, China has been committed to its fundamental national policy of opening up to the outside world and pursued a mutually beneficial strategy of opening-up. Today, it is also pursuing high-quality development and high-level opening-up.

Conference participants said that China has made significant contributions to the growth of the world economy, continually sharing development opportunities with the world through the process of opening-up. Through high-level opening-up, China can provide not only powerful impetus for its own economic development, but it can also offer robust support for the construction of a community with a shared future for humanity.

Shang Fulin, a former banking regulation official, stressed that since the beginning of its reform and opening-up, China has embraced globalization actively and made full use of the opportunities brought about by economic globalization. By adhering to its fundamental policy of opening-up, China has unleashed significant social productivity and deepened its ties with the world economy, he added.

China's average contribution to global economic growth was in excess of 30 percent from 2013 to 2021, emerging as a crucial stabilizer and driving force for global economic expansion.

In the face of challenges such as intense geopolitical competition, rising unilateralism and protectionism, China remains committed to opening-up, becoming a crucial force driving globalization, Shang said.

To propel high-level financial opening-up, Shang called for the promotion of institutional opening-up, the improved facilitation of cross-border investment, and the active establishment of a fair competition environment that aligns with high-level opening-up.

"It also requires the effective leveraging of the vast potential of the domestic market, strengthened international cooperation and the sharing of China's development opportunities. Additionally, China should participate actively in global economic and financial governance, contribute to the reform of global governance systems, and engage in the formulation of global economic rules," Shang added.

Fred Hu, founder and chairman of investment firm Primavera Capital Group, said that China needs to persist in its high-level opening-up, promote high-quality development, and foster a market-oriented international business environment with the rule of law. Efforts should also be made to improve relationships with major trade and investment partners, and to reduce geopolitical uncertainties.

"China still possesses tremendous advantages and limitless potential. It will remain a primary destination for global foreign direct investment, and continue to serve as a powerful engine for world economic growth," Hu said.

CP Pharmaceutical Capital Group, a multinational group covering various industries, was among the first foreign companies to enter China after the country adopted its reform and opening-up policy in the 1970s.

"Our company has witnessed the miracle of China's economic development. We are also among the participants and beneficiaries of China's reform and opening-up. China's reform, opening-up and engagement in economic globalization have brought about a new and promising development outlook for both China and the entire world," said Tse Ping, chairman of the group.

"Economic globalization has been disrupted by various factors. However, the Chinese government is advancing its higher-level opening-up in a timely manner, which has provided visionary entrepreneurs with new development opportunities," Tse noted.

Toshinobu Umetsu, president and CEO of Shiseido China, said that Japanese cosmetics giant Shiseido Group has benefited from the rapid growth of the Chinese economy and is willing to participate in and promote China's high-level opening-up.