An aerial view of Shanghai's Lujiazui financial hub./IC Photo

Editor's note: The article is part of CGTN's series called "A New Vision for China's Economic Future", in which global economists and eminent academics share their personal views and insights on China's economic development. Wang Derong is a researcher with the Institute of Party History and Literature of the CPC Central Committee. The article reflects the author's opinions and not necessarily the views of CGTN.

One of China's basic national policies, opening-up is the hallmark of contemporary China, as well as the path that must be taken for the country's prosperous development. Since the 18th CPC National Congress, President Xi Jinping has made important remarks on China's adherence to opening-up, and the 20th CPC National Congress has formulated strategic planning for the promotion of high-level opening-up, manifesting China's unswerving confidence and determination to open up at a time when the country is fast-tracking its efforts in pursuing Chinese-style modernization. As President Xi points out, "China will not change its resolve to open wider at a high standard; it will not change its determination to share development opportunities with the rest of the world; it will not change its commitment to an economic globalization that is more open, inclusive, balanced and beneficial for all". This fully demonstrates that China's opening-up is one of win-win cooperation with the world, while highlighting the country's commitment to build an open world economy, as well as a community of shared future for mankind.

China's continued drive to promote high-level opening-up will provide more market opportunities for countries around the world. With a population of more than 1.4 billion, including a middle-income group of over 400 million, China is on the way to becoming a high-income country. With rising incomes and consumption levels, and the continued advancement of a new-type of industrialization and urbanization, China is the most promising mega market in the world. With imports amounting to 2.7 trillion U.S. dollars, or nearly 11 percent of the global total in 2022, China has maintained its position as the world's second-largest import market for a 14th consecutive year.

As China enters the stage of high-quality development, it is seeing people's ever-growing needs for a better life, as well as an increasingly manifest trend of consumption upgrading. All this means massive market space and huge market potential, which will create more market opportunities for countries around the world. As China embarks on a new journey, it will leverage its edge as a mega market and the potential of domestic demand, and share opportunities with all countries and parties, so that the Chinese market becomes a market for the world, shared by all, and accessible to all. First, China will fast-track the on-going efforts to build an efficient, regulated, fair and fully open unified national market, and continue to improve the integrated regulatory system for domestic and foreign trade, speed up the development of international consumption center cities, promote Silk Road e-commerce, build modern logistics systems, and shore up the capacity of cross-border logistics. By doing so, the country will unleash its own market potential. Second, China will place more importance on expanding imports, and promote innovative, balanced development of trade by adopting pragmatic measures, such as cultivating import trade promotion and innovation demonstration zones, creating pilot zones for Silk Road e-commerce cooperation, leveraging key exhibition platforms such as the China International Import Expo, promoting cross-border e-commerce retail imports, and comprehensively boosting import facilitation.

A long-time key destination for foreign investment, China's continued drive to promote high-level opening-up will provide more investment opportunities to countries around the world. As the country embarks on a new journey in the new era, its economy remains resilient, promising, and dynamic, with the fundamentals pointing to a positive long-term outlook. Therefore, foreign businesses are confident in China's economic outlook, and foreign investors are still quite willing to invest in the country. The country's actual use of foreign investment topped 1.2 trillion yuan for the first time ever in 2022, which represented an annual growth of 6.3 percent from a year ago on a comparable basis; in U.S. dollar terms, the figure came in at 189.13 billion U.S. dollars, up 8 percent from a year ago.

China will push for the establishment of a new system for a higher-level open economy, steadily expand institutional opening-up with regard to rules, regulations, management and standards, etc., as well as offer foreign manufacturers and investors a broader space and a better business environment. First, China will continue to expand market access, reasonably reduce the negative list of foreign investment access, further abolish or relax restrictions on foreign investments, put into full effect the new Catalogue of Encouraged Industries for Foreign Investment, and further develop the national integrated demonstration zone for greater openness in the service sector. Second, China will implement the strategy to upgrade pilot free trade areas, accelerate the development of the Hainan Free Trade Port, push for a further, higher-level opening-up, deepen reform in related fields, and tap into their role as pilot platforms for comprehensive reform and opening-up. Third, China will work to create a top-notch business environment that is market-oriented, law-based and internationalized, further implement the Foreign Investment Law and its implementing regulations, and ensure national treatment for foreign-invested businesses; it will also explore policies to ensure foreign businesses' equal participation in government procurement, bidding, and standard-setting processes. The nation will also establish and improve a cross-departmental complaint coordination mechanism at all levels to better handle complaints, in a bid to better protect foreign investors' legitimate rights and interests.

China will adhere to the philosophy of win-win cooperation in expanding its high-level opening-up, and, with a focus on common interests, work to ensure that opportunities arising from deepened international cooperation can be shared by all countries. First, the country will promote high-quality Belt and Road cooperation, adhere to the principles of extensive consultation, joint contribution and shared benefits, as well as pursue open, green and clean governance. It will also deepen pragmatic cooperation, strengthen security efforts, and promote common development. Second, China will actively participate in the reform of the global economic governance system, contributing Chinese wisdom and Chinese solutions. It will engage fully and deeply in the WTO's reform negotiations, further liberalize and facilitate trade and investment, promote global macroeconomic policy coordination, and jointly foster new impetus for global development. The nation will continue its efforts for accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), as well as expand the globally-oriented network of high-standard free trade areas. Third, China will deeply involve itself in the global industrial division of labor and cooperation, endeavor to preserve the diversity and stability of the international economic landscape and economic and trade relations, solidify the foundation for bilateral cooperation, promote coordination and positive interaction among major countries, deepen economic and trade ties with neighboring countries, as well as resolutely support and help developing countries to fast-track development, in a bid to achieve more mutual benefits and win-win results.

China cannot develop without the world, and the world cannot prosper without China. As President Xi points out, "We must solidly promote high-level opening up, not only making good use of the global market and resources to develop ourselves, but also promoting common development of the world". Looking ahead, China will only open its door wider to the world, which will translate into more market opportunities, investment opportunities and growth opportunities for all countries across the world, inject more impetus into the global economy, contribute more Chinese wisdom, Chinese solutions and Chinese strength to global development, and create a better future for mankind.