As the world shifts towards a more interconnected and interdependent economy, China is poised to take center stage. The country’s latest 14th Five-Year Plan (2021-2025) has set ambitious goals for broadening its economic opening, with a focus on creating a new system for a higher-level open economy.
Chinese President Xi Jinping recently emphasized the importance of opening up, stating that China must ‘unswervingly manage our own affairs well’ and continue to expand high-standard opening up.
Over the past five years, China has introduced various policies and measures to boost its economic growth and contribute to global economic expansion. These include reducing foreign investment restrictions, introducing the Foreign Investment Law, and launching pilot programs for foreign access to value-added telecommunications services.
As part of its efforts to align with international trade standards, China has signed key agreements such as the Regional Comprehensive Economic Partnership (RCEP), which has enabled the country to offer significant tariff reductions and expand its agricultural market to ASEAN nations.
In conclusion, China’s 14th Five-Year Plan marks a significant milestone in the country’s journey towards global economic integration. By opening up and embracing international cooperation, China is poised to unlock new growth opportunities and play a more prominent role on the world stage.
Source: news.cgtn.com
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