BEIJING – China said it will open itself up to the world even further, in what it says is a bid to ensure both Chinese and foreign investors compete in a level playing field.
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“If there is one thing that is going to be different from the past, it will be that China will open even wider,” Chinese Premier Li Keqiang said at a press conference held in Beijing yesterday.
He said China is already so integrated into the global economy that moving in the opposite direction would be counterproductive.
China’s reform and opening-up policy adopted in the past four decades has been instrumental in bringing about China’s tremendous economic growth.
“Opening up has driven China’s reform agenda, promoted this development and delivered real benefits to Chinese people,” Premier Li added.
China’s aim is to ensure that both Chinese and foreign investors are able to compete in China’s 1.3 billion-people market on an equal footing, according to Mr Li.
He said, “We want to ensure that our consumers will have more options and there will be further advancements in Chinese products and services in pursue of high quality development.
“Moreover there is still plenty of room for us to further open up our market. In terms of trade, China has become fairly open and we impose an average level of tariffs compared to other nations.
“We have also opened up our manufacturing sector. There will be no mandatory requirements for technology transfers and intellectual property rights will be better protected.”
China’s economic performance has been marked by an impressive rise in gross domestic product (GDP) during the last five years, from 54 trillion to 82.7 trillion yuan.
During the same period, China’s share of the global economy rose from 11.4 to 15 percent.
China has now become Southeast Asia’s largest trading partner, with two-way trade between China and Asean member countries surpassing $514 billion.