Openness to further boost the global recovery

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A smart container terminal at Tianjin Port in Tianjin, north China, Jan 17, 2021. [Photo/Xinhua]

China’s unwavering push for high-level opening up will boost confidence and create new growth engines for the global economic recovery, global business leaders and analysts say.

They commented on Thursday, a day after President Xi Jinping called for more efforts to further promote innovation, uphold genuine multilateralism and reinvigorate trade and investment.

Foreign business leaders said they would continue to increase investment in China, a crucial market for their global operations, as the business environment is expected to improve further.

Their remarks followed a speech Xi delivered via video link on Wednesday at the conference on the 70th anniversary of the China Council for the Promotion of International Trade and the Global Trade and Investment Promotion Summit.

“I would like to reiterate that China’s determination to open up at a high level will not change, and China’s door will open even wider to the world,” Xi said, adding that China would continue to foster a favorable business environment based on market principles, governed by law and consistent with international standards.

The nation will continue the high-level implementation of the Regional Comprehensive Economic Partnership Agreement and the high-quality Belt and Road cooperation, and provide more market, investment and growth opportunities to the global business community, he said.

At a forum on the sidelines of the summit on Thursday, Ren Hongbin, chairman of the China Council for the Promotion of International Trade, noted that Xi reiterated that China will expand high-level opening-up and advance cooperation with other countries. to make more contributions to global economic recovery.

“China always pays intense attention to facilitating the operations and growth of foreign companies,” he said, adding that the continuous improvement of the business environment in China has boosted the confidence and expectations of foreigners. foreign investors.

Michael Hart, president of the American Chamber of Commerce in China, told the side forum that better market access and reciprocal agreements between countries are needed for companies to make better decisions on new investments.

Hart added that chamber members want closer cooperation between China and the United States.

Yu Jeoung-yeol, Chairman and CEO of the Korea Trade and Investment Promotion Agency, said: “I believe that China’s technology and investment cooperation and win-win cooperation between countries or enterprises are the means to jointly deal with future crises to achieve development together. .”

Zhang Jianping, head of the Regional Economic Cooperation Center of the Chinese Academy of International Trade and Economic Cooperation, said he expects China to take more measures to continue implementing the RCEP agreement, improve the business and investment climate on an equal footing. with high-level standards, and accelerate the establishment of a unified and fully open domestic market, as part of the country’s efforts to expand high-level opening-up.

China should also promote globalization and multilateralism with more concrete actions to share its development dividends with the rest of the world, he said.

Xu Yang, chairman of Danfoss China, said the country’s firm pursuit of green and sustainable development, as well as economic upgrades and transformation, will provide more growth opportunities for overseas investors.

Jerry Zhang, CEO of Standard Chartered Bank (China), said the bank has seen a new wave of Chinese investment in the Association of Southeast Asian Nations since the agreement took effect. RCEP on January 1, particularly in the cleantech, manufacturing and e-commerce sectors.

Jiang Xueqing contributed to this story.

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