Work Report signals further opening-up

As China marks the 40th anniversary of reform and opening-up this year, the ultimate driver of sweeping changes in the country’s socio-economic landscape since 1978, there has been no lack of discussion about whether the commitment to reform and opening-up remains as firm as it used to be. However, most of the talk has been based on subjective impressions, rather than objective analysis.

To avoid the capital mistake of twisting facts to suit theories, instead of drawing conclusions from facts, those who doubt the commitment would do well to pay heed to Premier Li Keqiang’s report on government work at the opening of the first session of the 13th National People’s Congress on Monday, as it presented some clues as to what constitutes the next round of reform and opening-up in the economic realm.

According to the report, the government seeks to formulate a new pattern of opening-up this year. Specifically, it aims to create a “first-rate” business environment, completely open up general manufacturing and expand access to other sectors, open up the bank card liquidation market “in an orderly manner”, unify market access rules for Chinese and foreign banks, and replicate the experiences of free trade zones “in an all-round manner”.

In the regional context, Beijing wants to complete negotiations on the Regional Comprehensive Economic Partnership “as soon as possible”, and accelerate efforts to forge the Asia-Pacific Free Trade Area and the East Asia Economic Community.

And judging from the report, the Belt and Road Initiative is to serve as its foremost tool and platform for promoting free trade and globalization.

For all the suspicions and uncertainties surrounding the initiative, it promises opportunities for all participants to share. This is a certainty, not merely a possibility. And the all-win nature of corresponding collaboration has the guarantee of Beijing’s emphasis on joint efforts and benefit-sharing.

China’s national development has entered a phase whereby every move it makes is subject to broad scrutiny, and few escape twisted interpretations.

Yet the only way for the rest of the world to take advantage of the “China express” is to rid themselves of prejudice and see things as they are.

By reiterating its commitment to reform and opening-up, Beijing is assuring the world that it is not closing its doors. And that should be good news to all.