China to share its opening-up success with world: US expert

HOUSTON - China's determination of strengthening its opening-up policy indicates it wants to share its success with the world, US Chinese expert told Xinhua on Thursday.

"China's pledge to continue to deepen reform and opening-up by liberalizing market access and reducing trade barriers sends a clear signal that it wishes to not only improve itself, but to inclusively share in the benefits derived from China's development model," Jon R Taylor, a political science professor at University of St Thomas in Houston told Xinhua in an interview.

This year marks the 40th anniversary of China's opening-up policy. Taylor admitted that China has greatly benefited from 40 years of reform and opening-up as well as from the economic globalization process.

"The continued pursuit of reform and opening-up policies, as well as the Belt and Road Initiative, helps both the Chinese economy and the global economy," he said, adding that it will be beneficial to China-US trade relations, "particularly if the US is earnest and willing to participate in multilateral trade and economic governance systems."

China's central bank governor on Wednesday fleshed out measures and disclosed a timetable to further open up the financial sector, signaling fast progress in implementing the country's opening-up promises.

China will encourage foreign investors to enter its trust, financial leasing, auto finance, money brokerage and consumer finance sectors, a move to take effect before the end of this year, said Yi Gang, governor of the People's Bank of China, at the Boao Forum for Asia annual conference in the southern Hainan Province.

Commenting on Yi's remark, Taylor said it confirmed Chinese commitment to accelerating the process of openness and access to the Chinese economy.

"I am encouraged by Yi's words, given the Trump administration's protectionist and anti-globalization rhetoric. It would be nice to see some indications of reciprocity on the part of the US," he added.