High-level opening-up continues to offer dividends

The Logistics Performance Index of China was 51.5 in March, up 2.2 percentage points from the previous month, returning to the expansion range above 50 with strong momentum, according to a release of the China Federation of Logistics & Purchasing on Thursday.

The LPI is a composite index of the total business volume, new orders, employees, inventory turnover times, and equipment utilization rate. According to the CFLP, all of the LPI's subindices rose across the board in March reaching the expansion range, among which the total business volume index and the new order index rebounded significantly from the previous month.

The data reflect that on the basis of the expectation of a steady recovery of the market after the Chinese New Year holiday, the resumption of work and production of upstream and downstream supply chains has been carried out as scheduled; industrial demand has been released in an orderly manner; and the efficiency of supply chains has been improved.

Despite the rising uncertainties in the external environment, thanks to its broad space and strong resilience, China's economic operations remain stable, and the post-pandemic recovery trend is being further consolidated with the implementation of a series of effective macroeconomic policies that stress endogenous impetus, innovation and diversifying trading partners. These policies have played an important role in overcoming the economic difficulties the country has faced and demonstrated the prospects and potential for the economy's medium- and long-term development.

The Chinese government will proactively implement more macroeconomic policies to expand domestic demand, stabilize foreign trade and foreign investment, promote the healthy development of the real estate industry and stock markets, effectively prevent and resolve risks in key areas, and strive to achieve annual economic growth of around 5 percent.

As a new round of technology revolution is gathering pace, China is gradually becoming a major player in many emerging industries, and artificial intelligence, biomanufacturing, quantum technology, and low-altitude economy are all expected to flourish.

The world's second-largest economy will steadily expand institutional opening-up, promote international economic and trade cooperation, continue to relax market access for foreign investment, and expand pilot opening-up in areas such as telecommunications, medical care, and education.

In the process, policymakers will carefully study and solve the problems faced by foreign-funded enterprises in terms of factor acquisition, qualification licensing, standard setting, and government procurement.

At a time when the United States is adopting isolationist and protectionist policies, China is expanding its high-level opening-up and optimizing the business environment to level the playing field for foreign companies. No matter how the external environment changes, China's door will only continue to open wider and it will continue to share with the world its development dividends and new opportunities.

Global instability and uncertainty are increasing significantly. In response, countries should work together to build a community with a shared future for mankind. Economic globalization is the only way to develop an inclusive human society.

The rules-based multilateral trading system with the World Trade Organization at its core has made important contributions to promoting global trade, economic growth and sustainable development. All major economies should thus consciously, jointly safeguard the free trade system, adhere to open regionalism, resolutely oppose trade and investment protectionism, promote regional economic integration and connectivity, and promote the construction of an open world economy through openness and integration.