Continued efforts set to advance nation's opening-up

China will further expand its economic opening-up with a focus on deepening reforms in the foreign trade sector and may introduce additional policies to lower trade costs and bolster trade security, experts said on Monday.

There may be more extensive reforms in foreign investment and outbound investment management systems, as well as advancements in enhancing the high-quality development of the Belt and Road Initiative, for broader, more extensive and higher-standard opening-up, they said.

Their remarks followed statements made on Monday by Liu Jieyi, the spokesman for the third session of the 14th National Committee of the Chinese People's Political Consultative Conference.

Liu announced at a news conference that there will be continued efforts to enhance the high-standard opening-up mechanism, steadily expand institutional openness, deepen reforms within the foreign trade system, and optimize regional opening-up strategies.

"China's commitment to further opening-up is evident," he said.

"Over the past year, China has maintained its role as a key driver of global economic growth, fast-tracking the establishment of a new high-standard economic opening-up system," Liu said. "China remains the world's largest goods trading nation and the second-largest import market, making continuous strides in the high-quality development of the Belt and Road Initiative."

"Through international events like the China International Import Expo, the country is actively fostering global economic cooperation, promoting economic globalization, and advocating shared prosperity and cooperation on a global scale," he added.

Zhou Mi, a researcher at the Chinese Academy of International Trade and Economic Cooperation, said: "The government may roll out a series of policies for trade facilitation and liberalization, leading to further reductions in trade costs. Additionally, by enacting measures to ensure trade security, potential risks will be minimized."

Furthermore, barriers to foreign investment will be further diminished to streamline investment processes, enabling businesses to effectively leverage global resources, Zhou said.

The latest data from the General Administration of Customs showed that in 2024, the total value of China's goods trade imports and exports reached 43.85 trillion yuan ($6 trillion), up 5 percent year-on-year, indicating that the country's foreign trade has reached a new high in terms of scale amid multiple challenges.

According to the Ministry of Commerce, the number of newly established foreign-invested enterprises nationwide was 59,080 last year, a 9.9 percent increase year-on-year.

Charlie Zheng, chief economist at Samoyed Cloud Technology Group Holdings, said that further efforts are expected in expanding opening-up pilot projects — a mechanism allowing certain areas to invite foreign companies to enter the market — in telecommunications, healthcare, education and other service sectors, along with the comprehensive removal of foreign investment restrictions in manufacturing.

Zheng also suggested simplifying procedures in order to streamline approval of foreign investment projects and improve efficiency.

liuyukun@chinadaily.com.cn