Proactive strategy of high-standard opening-up

An employee works on the production line in a glass-making factory in Hengyang city, Hunan province on Jan 28, 2023. [Photo/Xinhua]

This is an editorial from China Daily.

Given its paramount importance to high-quality development as a defining feature of the Chinese path to modernization, high-standard opening-up will be a focus of the annual gatherings of the nation's top legislature and political advisory body that will start this weekend.

Data from the Ministry of Commerce showed that foreign investment in China in January this year reached 127.69 billion yuan ($18.39 billion), up 14.5 percent year-on-year. But as the international competition for attracting foreign investment is becoming fiercer, China has to further promote its high-standard opening-up, so it can retain its attraction to foreign capital, talents and companies.

The long-term advantages of China's superlarge market and complete industrial system have not been affected, but rather highlighted, by the COVID-19 pandemic. And the gradual improvement in the national economy has further enhanced the unique charms of the Chinese market and the world's confidence in it. The manufacturing purchasing managers' index of the country rose to 52.6 in February, up 2.5 percentage points from the previous month and the highest reading since April 2012, when it hit 53.5, according to the National Bureau of Statistics.

The actual use of foreign capital in the manufacturing industry increased by 40.4 percent year-on-year in January, by 62.8 percent in the high-tech industry, by 74.5 percent in high-tech manufacturing, and by 59.6 percent in the high-tech service industry, reflecting the world's recognition of China's efforts to foster an open and innovative ecosystem with global competitiveness.

To further advance high-standard opening-up, China should continue to expand market access, make better use of its pilot free trade zones, particularly Hainan Free Trade Port, and other opening-up platforms. The pro-investment policies for foreign investment access should take effect as soon as possible.

The country should continue to comprehensively improve its business environment, ensure that foreign-invested enterprises receive national treatment, and promote fair competition of all market players. More efforts should be made to further strengthen the protection of intellectual property rights and the legitimate rights and interests of foreign investors.

At the same time, the country should actively promote accession to high-standard economic and trade agreements, take the initiative to align domestic rules, regulations, management and standards with those of the world market through deepening institutional reforms and cutting red tapes.

Governments at various levels should provide targeted and more thoughtful services to foreign-funded enterprises, strengthen communication and exchanges with foreign businesses, help them solve their difficulties and problems in a timely manner, and facilitate the implementation of landmark foreign-funded projects.

According to the latest survey by the China Council for the Promotion of International Trade, 98.2 percent of the foreign enterprises surveyed are confident about the prospects of China's economic development this year, saying that they will continue to invest in China.

High-standard opening-up entails high-quality trade and investment cooperation between the country and other major economies, so that it can take a better position to create new opportunities for its own development and that of the world.