Xiconomics: China's vision for an open world economy in a turbulent era
CHINA'S APPROACH
China's approach to the global economy, as Xi observed, has consistently emphasized openness, cooperation and a long-term perspective on economic globalization.
"Whether you like it or not, the global economy is the big ocean that you cannot escape from," Xi said in his 2017 WEF speech, warning that attempts to cut off the flows of capital, technology and people would only run counter to economic reality.
In July 2025, he told a group of new ambassadors to China that China will steadfastly expand high-standard opening up and share the benefit of its supersized market, so that the country's advancement will bring new opportunities for other countries and inject greater certainty into global economic growth.
"China's emphasis on openness, inclusiveness, and fairness speaks directly to the core aspirations of developing countries, which have long sought a global economic system that enables growth rather than constrains it," Lewis Ndichu, director of research at the Nairobi-based Centre for China Africa Policy, told Xinhua.
"For many in the Global South, openness is not about unfettered liberalization but about meaningful access to markets, technology and finance on equitable terms. China's proposals resonate because they recognize this distinction and place development at the center of globalization," he said.
Amid evolving global dynamics, China has been resolutely committed to reform and opening-up. The launch of the Hainan Free Trade Port (FTP) in December 2025 exemplifies China's push for high-standard opening up, with expanded zero-tariff coverage and more market-oriented, business-friendly rules facilitating freer flows of goods.
During a trip to Hainan, Xi described the FTP as a landmark move reflecting China's commitment to unwaveringly expand high-standard opening-up and promote an open world economy.
Hainan should play a leading role in advancing high-standard opening up through strengthening coordinated development with the neighboring Guangdong-Hong Kong-Macao Greater Bay Area and deeply integrating into the Belt and Road cooperation, he added.
Thanks to its strategic location, the Hainan FTP is expected to serve as a new platform for international engagements in various sectors -- from tourism and modern services to high-tech industries and agriculture -- benefiting ASEAN countries in particular, said Christine Susanna Tjhin, director of strategic communication and research at Indonesia's Gentala Institute.
