By Wang Jinzhao & Xu Hongqiang, Research Team on “Strategic Policies on Leading Economic Development in the State of New Normal”, DRC

Research Report No. 120, 2017 (Total. 5195) 2017-09-20

Abstract: In order to accelerate the sustainable and healthy economic development in the state of new normal, we need to make efforts to cultivate new areas of growth through further opening up, promote the industrial transformation and upgrading to boost domestic reform and forge a sound external environment. At present, the construction of open-oriented economic mechanism has made considerable progress and its basic framework has taken an initial shape. But there are still some key areas closed to the outside world. We need to grasp the key issues relating to the construction of open-oriented economic mechanism, further enhance trade facilitation, relax restrictions on market access for foreign investment, and improve the environment for foreign businessess. Besides, we need to give full play to the function of pilot free trade zones in launching open-oriented pilot practice and driving the development of surrounding areas, accelerate the RECP (Regional Comprehensive Economic Partnership) negotiations so as to maintain the momentum of regional economic cooperation, flesh out the administrative and coordinate mechanisms for opening-up and strive for the advancement of economic transformation and upgrading under the new normal.

Key words: the new mechanism for open-oriented economy, transformation and upgrading, key drivers