Opening-up brings in new opportunities

China’s drive to advance reform and development through higher-level opening-up — a priority for the country’s development over the next five years — will unlock fresh momentum for multinational corporations and trading partners, business leaders and market watchers say.

- By ZHONG NAN

(WEI DONGSHENG / FOR CHINA DAILY)

Highlighting the key roles of expanding opening-up at the institutional level, safeguarding the multilateral trading system and promoting broader international economic flows, they said these measures will help spur new growth drivers and enhance resilience against risks brought about by rising protectionism and geopolitical uncertainties.

Their comments came as the Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development stressed the idea to “share opportunities and achieve common development with the rest of the world”.

A communique issued on October 23 after the conclusion of the fourth plenary session of the 20th CPC Central Committee, during which participants deliberated on the recommendations, stated that China should take the initiative to open wider to the world, promote the innovative development of trade, create greater space for two-way investment cooperation, and pursue high-quality Belt and Road cooperation.