Still on track for further opening-up

Yang Yanyi, Head of the Chinese Mission to the EU is seen in this file photo taken in October of 2014. [Photo by Fu Jing/chinadaily.com.cn]

THE DRAFT OF China's 13th Five-Year Plan (2016-20) shows policymakers' resolve to stick to the path of making the economy more modern and open. It comes as the European Union has launched an in-depth assessment to determine whether to grant China market economy status. Xinhua News Agency commented on Wednesday:

The road map for China's economic and social development for the next five years dedicates one chapter to elaborating the government's resolve to continuously build a modern market system, which sets a strong tone for furthering the Chinese market's connection with the world.

Methods used in the EU's anti-dumping procedures on imported Chinese products are currently based on China not being considered a market economy. Under World Trade Organization rules, China's exports have thus fallen victim to unfair and discriminatory EU practices.

The legal basis for the rules, however, are set to expire in December this year, under the provisions of the WTO accession protocol signed by China.

China's national plan to build an open economy should give the EU confidence to grant China early market economy status.

With its ample well-educated workforce, high rate of household savings (38 percent) and possessing foreign exchange reserves of over $3.33 trillion, the Chinese government's continuous opening-up will not only benefit China's economic stabilization and growth, but also the global economy.

This has been recognized by a growing number of countries. So far, over 80 economies including Russia, New Zealand, Singapore and Australia, have granted China market economy status.

China hopes the EU will join them sooner rather than later, as it would facilitate recognition of China's market economy status in the 162-member WTO.