Fresh signals point to opportunities

Amid global trade headwinds, China has sent fresh signals that it will further expand high-standard opening-up and promote international cooperation to provide strong momentum for its own development and boost global economic growth.

The message resonated strongly at three recent key international fairs that China hosted over the course of about a week — the World Smart Industry Expo 2025 in Chongqing, the 25th China International Fair for Investment and Trade in Xiamen, Fujian province, and the 2025 China International Fair for Trade in Services in Beijing.

Within six days, President Xi Jinping sent three congratulatory messages in succession to the three events, which featured a wide range of domestic and international participants from various sectors.

In the letters, Xi reiterated the country's firm commitment to working with all parties to build an open world economy and advance the building of a community with a shared future for humanity.

While emphasizing that global development is facing challenges as well as opportunities amid profound changes in the world economic landscape, Xi assured the world that China will take solid measures to promote liberalization and facilitation of trade and investment, continue to share its development opportunities with the rest of the world, and inject more positive energy and greater certainty into global development.

Former Kyrgyz prime minister Djoomart Otorbaev said it is extremely important that China is opening further to the outside world. "China organized a lot of events of international level, where top specialists from around the world are attending and exchanging ideas. This is exactly what has to be done," he said in a recent interview with China Global Television Network.

Over the years, China has been steadfastly deepening reform on all fronts to build a new system for an open economy. A series of measures on the reform of foreign trade has been introduced in areas including taxation, finance, and trade and investment facilitation.

Since 2017, the total number of items on the negative list of restricted sectors for foreign investment has been reduced from 93 to 29, with all access restrictions for the manufacturing sector removed.

Paul Bateman, chairman of J.P. Morgan Asset Management, has visited China more than 150 times over the past 30 years. "With each visit, I'm more impressed by the vitality and growth of China's market," he said while addressing the Global Trade in Services Summit of the China International Fair for Trade in Services.

Noting that the company's footprint in China has expanded in recent years thanks to China's decision to open up its service sector, particularly the removal of foreign equity caps in certain financial services, Bateman said that the growth of trade in services is creating significant opportunities for the industry.

China boasts the world's largest middle-income group, with per capita GDP of approximately 96,000 yuan ($13,475) in 2024. It is the world's second-largest consumption market and second-largest import market, providing huge opportunities for the world.

China's efforts to advance high-standard opening-up bring opportunities for shared development and prosperity to countries of the Global South, while improving the global governance system, said Mutinda Mutisya, a senior lecturer in the Department of Diplomacy and International Studies at the University of Nairobi, in an interview with Xinhua News Agency.

Tolonbek Abdyrov, a professor of economics and vice-rector of the International Higher School of Medicine in Kyrgyzstan, said that steps taken by Chinese policymakers have created a platform for equal participation by the nation's partners, including emerging economies, adding that China's advocacy of the equal rights of all countries to development sends a clear and positive message.

Coupled with solid steps in expanding institutional opening-up, such as aligning with high-standard international economic and trade rules, China has also made consistent efforts in improving the business environment, with tangible results.

The 2025 China Business Report, published on Wednesday by the American Chamber of Commerce in Shanghai, indicated that over one-third of surveyed US companies believe that China's policies and regulations regarding foreign companies have improved in the past few years. The figure for this year is higher than that for 2024, it said.

More than 40 percent of the companies surveyed said they are confident that China will open up further, nearly double the figure for last year, according to the report.

The report also said that more than 70 percent of respondents posted a profit in 2024, an improvement from 2023's record low of 66 percent. The report also highlights the uncertainties that persist in the market, saying that over 60 percent of companies expect new China-US tariffs to affect their 2025 revenue performance. In addition, nearly half of the respondents called for the US government to remove all tariffs and nontariff barriers on Chinese goods.

Regarding the report, Jeffrey Lehman, chair of AmCham Shanghai, said that one of the interesting results this year is that although the companies still regard the regulatory environment as challenging, they find that the challenges have been reduced since a year ago.

"They find that there is improvement in the regulatory environment for American companies over what the situation was last year," Lehman said. "Before, there were a combination of tariff barriers, nontariff barriers, regulatory questions, intellectual property protection issues. In each of those areas, things are improving for American companies."

caodesheng@chinadaily.com.cn