China helps stabilize global market

China's commitment to higher-level opening-up is strengthening fair competition in the global market, and its push to establish a high-standard socialist market economy is bringing much-needed stability and certainty amid the challenges facing the global economy, experts said.

The Chinese and foreign experts made the remarks during the 90th International Forum on China Reform in Haikou, Hainan province, which was held by the China Institute for Reform and Development and China Daily. The two-day event concluded on Sunday.

Chi Fulin, president of the China Institute for Reform and Development, said that China's economic growth potential is projected to boost the formation of a new pattern of economic growth in Asia, and Asia's role and advantages in promoting free trade and global economic growth will become even more pronounced.

"This is fueled by favorable cooperation mechanisms such as the Regional Comprehensive Economic Partnership, a free trade agreement that has created the world's largest trading group, and the free trade agreement 3.0 version between China and the Association of Southeast Asian Nations," he said.

Qu Yingpu, publisher and editor-in-chief of China Daily, said via video link at the forum that Hainan serves as China's gateway from land to sea and as a new highland of free trade. The building of the Hainan Free Trade Port is progressing steadily, he noted, and it is expected to further expand the advantages of China's opening-up to the outside world.

The development of the Hainan FTP has provided policy support and faster channels for closer economic and trade exchanges between the province and ASEAN member states.

In the first three quarters of this year, the import and export value of trade in goods between Hainan and ASEAN member states reached a record high of 43.49 billion yuan ($6.1 billion), up 70 percent year-on-year. The trade value has already surpassed the figure for the entirety of last year, according to data from Haikou Customs.

Speaking at the Haikou forum, Zhang Jun, secretary-general of the Boao Forum for Asia, said that sticking to economic globalization and building a higher level of an open world economy is not a matter of choice, but a necessary path to achieve win-win and sustainable development.

Ong Tee Keat, president of the Belt and Road Initiative Caucus for Asia Pacific in Malaysia, said at the forum that what China's trading partners value the most is the openness of the Chinese market and the peace and stability dividends that are brought by regional development.

Pascal Lamy, former director-general of the World Trade Organization, told the forum that trade opening is the way to go, and it has to be done in a way that takes into account the specific challenges of developing countries.

He said via video link that the multilateral, rule-based trading system is under stress with growing geopolitical tensions, and this is a very serious matter, adding that the trade measures that have been taken by some industrialized countries are not WTO-compliant.

"Fairness has to remain the main principle, taking into account the fact that we have different capacities and different comparative advantages," Lamy said.

China is strengthening policy support to bolster foreign trade and investment, and the China International Import Expo will be held for the seventh consecutive year, from Tuesday to Nov 10, with representatives of global companies gathering in Shanghai.

Express service provider FedEx from the United States, a participant in the import expo this year, said China's commitment to continue opening-up and its efforts to build a modern industrial system will further facilitate global trade.

The company announced in late October a major upgrade of its international express and cargo hub at Shanghai Pudong International Airport. The upgrade will transform the facility into an intercontinental transit hub, said Poh-Yian Koh, senior vice-president of FedEx Express and president of FedEx China.