By Zhong Sheng, People’s Daily
The recently concluded 137th China Import and Export Fair, also known as Canton Fair, saw the participation of 288,000 overseas buyers from 219 countries and regions. On-site intended export deals reached $25.44 billion, a year-on-year increase of 3 percent. Multiple indicators hit record highs, underscoring China’s determination to share its development opportunities with the world through high-level opening up.
At a time when globalization is facing headwinds and unilateralism and protectionism are on the rise, China is opening its door wider to the world, providing much-needed stability and certainty to the global economy.
Opening up to the world is the fundamental national policy of China that has endured throughout more than four decades of reform and opening up. This long-standing commitment remains a vital pathway for China to pursue its own development while contributing to global prosperity. By promoting development through opening up, China has been widely recognized as an oasis of certainty and a hot spot for investment and entrepreneurship.
China’s high-level opening up is a continuous effort rather than a completed mission. Actively expanding imports is also a key part of this strategy. China does not deliberately pursue a trade surplus. It is working to foster more balanced trade by actively increasing imports.
In 2024, the total value of China’s imports reached 18.4 trillion yuan ($2.55 trillion), up 2.3 percent year on year, setting a new record. The country has maintained its position as the world’s second-largest importer for 16 consecutive years.
The China International Import Expo (CIIE) is the globe’s first national-level exposition dedicated to imports, demonstrating China’s commitment to opening its market and advancing trade liberalization and economic globalization.
From hosting international cooperation platforms such as the CIIE, Canton Fair, China International Fair for Trade in Services, China International Consumer Products Expo, and China International Supply Chain Expo, to promoting the brand of “Invest in China” and launching the “Shopping in China” series, China is providing broad development opportunities for global companies with a spirit of openness. Meanwhile, it has given all the least developed countries with which it has diplomatic relations zero-tariff treatment for 100 percent tariff lines. With these ongoing efforts, the enormous Chinese market is turning into a shared global market, demonstrating China’s sense of responsibility as a major country.
China’s determination to expand high-level opening up remains unwavering. This is not only a clear position but also evident in concrete actions.
In the first quarter of this year, 12,603 new foreign-invested enterprises were established in China, representing a year-on-year growth of 4.3 percent. Meanwhile, China has removed all market access restrictions for foreign investors in the manufacturing sector. The items on its negative list, which specifies fields that are off-limits to foreign investors, have been further slashed to 29 in the national version and 27 for pilot free trade zones (FTZs).
China has also released a guideline for improving its FTZs and approved a plan that aims to expand comprehensive pilot programs to accelerate the services industry’s opening-up.
These efforts reflect China’s steady drive to expand institutional opening up, such as that of rules, regulations, management, and standards, and its commitment to deepening and broadening opening up.
As Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development, noted, China has a spirit of openness where businesses worldwide can connect, forge partnerships and contribute to a more prosperous and interconnected global economy.
China’s pursuit of high-level opening up has expanded the space for mutually beneficial China-U.S. economic and trade cooperation. In 2023, the U.S. set up 1,920 new enterprises in China, with an actual investment of $3.36 billion, up 52 percent from the previous year.
At the same time, China-U.S. economic and trade cooperation has generated substantial business opportunities and profits for American companies. For example, Tesla’s electric vehicle sales in the Chinese mainland have hit a record high of 657,000 units in 2024, up 8.8 percent year on year.
China’s voluntary opening policies have benefited financial institutions from all countries including the United States. More than 10 American insurance companies have subsidiaries in China. American financial institutions, such as Goldman Sachs, American Express, Bank of America, and MetLife, have achieved substantial investment returns as strategic investors in Chinese financial institutions. Meanwhile, BlackRock, Fidelity, Neuberger Berman, JPMorgan, Morgan Stanley, and Alliance Bernstein have been allowed to establish wholly foreign-owned fund management companies in China.
Some U.S. politicians have called for greater opening up of China to American business for the good of both China and the United States. The fact, however, is that China has repeatedly affirmed its welcome to companies from all countries, including the U.S., to invest and thrive in China. China has developed sound regulations, policies and procedures for foreign investment, promoted trade and investment liberalization and facilitation, and made active efforts to foster a first-class business environment that is market-oriented, law-based, and internationalized. It has been and will remain an ideal, safe, and promising destination for foreign investors.
It is hoped that the U.S. will refrain from creating obstacles for American companies seeking to invest in China, and stop using national security and America First as catch-all pretexts for demanding openness from others while tightening its own trade restrictions. Such protectionist moves risk disrupting global industrial and supply chains and weakening the multilateral trading system.
Only through mutually beneficial cooperation can China and the U.S. realize their respective development goals. This not only serves the common interests of both countries but also meets the expectations of the international community.
(Zhong Sheng is a pen name often used by People’s Daily to express its views on foreign policy and international affairs.)
