Two cities play crucial role in opening-up

"We came to salute the bronze statue of Deng Xiaoping to show our unwavering commitment to further reform and opening-up and strive for new progress, new breakthroughs and new levels in reform, opening-up and the modernization drive," he said.

The visit was widely viewed as being highly significant for the nation's broader steps to promote a high level of opening-up in its various sectors, boost its appeal to foreign investors, and develop a market-oriented, law-based and internationalized business environment.

Xu Xiujun, a researcher of international political economy at the Chinese Academy of Social Sciences' Institute of World Economics and Politics, said Xi's trip to Shenzhen in 2012 sent a clear signal to the international community that China would remain committed to pursuing reform and opening-up.

"The visit strengthened the nation's resolve and confidence in this regard. It also responded to doubts voiced in the world over whether China would forge ahead with its new journey to openness," he said.

Since 2017, China has been the second-largest global destination for foreign investment. It has been the largest nation in terms of trade in goods and services since 2020.

According to the Ministry of Commerce, China's actual use of foreign capital rose last year by 14.9 percent year-on-year to a record high of about 1.15 trillion yuan ($181 billion). This figure was a 62.9 percent rise from that of 2012.

Gao Ming, who analyses macroeconomics at China Merchants Securities, said, "Over the past decade, China has developed a high-standard policy framework for opening-up, including opening-up at the systemic level, the Belt and Road Initiative and reform of the global governance system."

He said the nation has continued to shorten the negative list for foreign investment, open its financial sector to such investment, and develop free trade zones and ports in its opening-up drive.