Further opening up to deal with external uncertainties

Editor's Note: China recently launched a series of measures to further open up the economy to the outside world, drawing the attention of the international community. Zhong Sheng, a columnist for People's Daily, comments:

China's new measures show its determination to accelerate the opening-up process, even though the United States has launched a trade war against it. By further opening up the economy, China is signaling to other economies that it is open to business. China is responding to external uncertainties, including the US-triggered trade war, by further opening up its economy, and contributing Chinese wisdom to promote free trade.

The robust opening-up efforts include establishing a demonstration pilot zone for socialism with Chinese characteristics in Shenzhen, and six new pilot free trade zones in Shandong, Jiangsu, Hebei, Yunnan and Heilongjiang provinces, and the Guangxi Zhuang autonomous region.

Also, the top economic and financial decision-making body said at a recent meeting that greater efforts should be made to build a more innovative and higher value-added industrial chain, and the State Council, China's Cabinet, has launched a combination of measures to promote consumption to boost the economy.

Ministry of Commerce data show that in the first seven months of this year, more than 24,000 new foreign-invested enterprises were established in China, with the actual use of foreign capital exceeding 530 billion yuan ($83 billion), up 7.3 percent year-on-year. Investments from Germany, the Republic of Korea, Japan and the Netherlands increased by 72.4 percent, 69.7 percent, 12.6 percent and 14.3 percent. And the actual investment from the European Union and Belt and Road countries increased by 18.3 percent and 5 percent. Which show the international community is confident about China further opening up its economy.

Reform and opening-up have changed the fate of China. That's why China is committed to further opening-up and deepening win-win cooperation with other economies, in order to build an open world economy.