By Zhao Jinping, DRC

2016-12-27

China's economy has entered the stage of new normal. In order to maintain a mid-to-high economic growth, and realize structural optimization and innovation-driven development, it is necessary to put forward new requirements for development concept and growth pattern. In face of the weakened impetus of economic globalization, China needs to transform its development approach from awaiting opportunity to creating opportunity, implement further the opening-up policy and cultivate new drivers so as to lead future globalization.

First, the new features of external economic and trade environment have brought about new challenges. The global economy is experiencing profound adjustments in terms of capital and technology; the reform for the rules of global economic governance has been accelerated significantly; and the number of “black swan events” has increased. The lack of external demand and increased competition have checked the growth of China's exports; the adjustment of macro policy of big powers has promoted the acceleration of cross-border capital flow, leading to increased international financial risks; the difficulties for the reconstruction of a new round of high-level economic and trade rules have increased.

Second, the above-mentioned changes have brought opportunities for China to upgrade industrial structure and the value chain, and have enabled China to play a leading role in regional economic integration and economic globalization.

Third, the major goals of enhancing the opening up level are as follows. 1. We need to create a win-win international environment. 2. We need to improve the level of opening up, and gain a bigger say in enriching trade arrangements. 3. We need to promote capital- and technology-intensive-based industrial upgrading. We need to take the concept of innovative, coordinated, green, open and shared development as the guideline, and adhere to the higher-level opening up strategy for China’s further development during the 13th Five-Year Plan period. In the new era, the opening-up strategy will be more balanced, and the sectors for opening up will be expanded from trade to finance, and from real economy to rules-based governance. Based on its trade relations with neighboring countries, China will follow an all-round opening up pattern and increase its trade share in the world market.

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