10月28日早间英文播报：Promises to open up seen as trustworthy

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A workerat a steel plant in Dalian, Liaoning province. [Photo by Liu Debin/For ChinaDaily]

Key Party gathering will unveilambitious tasks to reinforce connections with world

The worldshould have faith in China's commitment to further opening-up as the country,by delivering its 14th Five-Year Plan (2021-25) blueprint, is expected to mapout more ambitious tasks in order to reinforce high-quality economic,technological and cultural engagement with the rest of the world, observerssaid.

Theycommented as the Fifth Plenary Session of the 19th Communist Party of ChinaCentral Committee opened on Monday.

XiJinping, general secretary of the CPC Central Committee, briefed participantsabout the draft proposals of the 19th CPC Central Committee on formulating the14th Five-Year Plan for Economic and Social Development as well as targets for2035－a top-level policy blueprint forChina's mid－and long-term development.

Xi, whois also China's president, has on multiple occasions sent reassuring signals onthe country's long-term view on expanding opening-up and has outlined freshgoals to meet in the near future.

Despitestrong economic headwinds from the COVID-19 pandemic, China managed to reversea GDP downturn, continued to host foreign trade-related events and made publicmany important policies to assist the entry of foreign buyers and investors inthe vast market, home to 1.4 billion people.

Throughoutthe year, Xi vowed on many occasions, including at the United Nations GeneralAssembly, that the country aims to foster a "new developmentparadigm" with the domestic market as the mainstay while domestic andinternational markets reinforce each other.

At asymposium with leading experts on economic and social studies on Aug 24, Xisaid that work on such a new development paradigm is definitely not isolatingthe domestic market but seeking the benefits of domestic and internationaleconomic circulation based on openness.

Chinawill produce even greater market opportunities for other countries and willserve as a remarkably attractive destination for global commodities andproduction resources as it engages even more closely with the global economy,Xi said.

Seekinggreater opening-up is not only a visionary choice for China to maintainsustained growth amid huge market uncertainties but also a recipe foroffsetting some difficult problems clouding global growth, experts said.

ZhangYuyan, director of the Chinese Academy of Social Sciences' Institute of WorldEconomics and Politics, said, "We should improve the level of opening-upin an all-around approach during the years implementing the 14th Five-YearPlan, and we should unswervingly push for navigating the economic globalization(process) through the current bumpy stage."

China isexpected to encourage more countries to open up by seeking greater quality inits own opening-up, thus "pushing for and playing a leading role inreforming and perfecting the global governance system", he added.

Zhangsaid many people have been concerned about anti-globalization headwinds, andtrade protectionism and unilateralism are on the rise on the global stage.

"However,the world economy has a high degree of interdependence ... and globalization isa must and a trend for various countries," he said.

DingYifan, a researcher of global economy at the Development Research Center of theState Council, said that as China heads into the 14th Five-Year Plan next yearand the CPC marks its centenary, the performance of the Chinese economy in thenear future will lay the foundation and set the tone for the hundred years tocome.

"Chinahas been bolstering its opening-up and we have seen the attractiveness of theChinese market multiply. Enterprises from developed countries are bound to earngreater profits as the country highlights domestic circulation as themainstay," Ding said.

Withforeign investment in China having increased for six consecutive months thisyear, Foreign Ministry spokesman Zhao Lijian said that many foreign enterpriseshave increased their presence in China, which is regarded as a "safehaven" for transnational investment.

FromJanuary to September, the reinvestment of profits of foreign-investedenterprises denominated in US dollars increased by 25.5 percent year-on-year,he said.

"Itshows that more and more international investors are optimistic about China'seconomic growth prospects and hope to share in the dividends of China'seconomic development. China will continue to open wider to the outside world,provide other countries with an enormous market and development opportunities,and contribute to world economic recovery and growth," Zhao said at a newsbriefing on Friday.

Ding saidChinese companies should work on building their production chains overseas,adding that China's growing circle of friends means more countries will benefitfrom its rapid development.

WuXiaoqiu, a senior economist and vice-president of Renmin University of China inBeijing, said that opening-up "will remain a key aspect" of the 14thFive-Year Plan and "remain a key source of policy dividends" as thecountry's economy has long benefited from becoming part of the internationaleconomic system.

Whiledomestic needs will keep rising and take a bigger portion of GDP, seekingeconomic isolation does not help achieve economic balance, Wu told NationalBusiness Daily, adding that "only by constant opening-up can the Chineseeconomy achieve real, tangible growth".

Followingthe national legislature passing the Foreign Investment Law last year, Chinaoffered more policy incentives to foreign businesses this year as its new,shortened negative lists for foreign investment went into effect on July 23 toallow greater foreign participation.

This yearhas also seen a slew of heavyweight commerce and trade exhibitions in China,including the 2020 China International Fair for Trade in Services in Beijing inSeptember as well as the regular Canton Fair－China Import and Export Fair in Guangzhou.

Theevents featured online displays, negotiations and transactions despite thelimitations imposed by the pandemic.

The thirdChina International Import Expo is scheduled to open in Shanghai in November.

Commitment highlighted

SeniorChinese officials recently unveiled opening-up plans for the next five years orspecific goals to be achieved in the next phase, highlighting policymakers'commitment to engaging with the world over the long term.

Vice-PremierLiu He said at the Financial Street Forum in Beijing on Wednesday that thecountry's financial departments will implement the proposals outlined in the14th Five-Year Plan and promote a new round of development and reform andopening-up. China also will introduce more high-level internationalcompetitors, Liu said.

YiHuiman, chairman of the China Securities Regulatory Commission, said at thesame forum that China will promote the institutional opening-up of the capitalmarket, and will study the gradual unification and simplification of pathwaysfor foreign investors to participate in China's capital market.

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记者：张陨璧

播报：CorrieKnight

音频编辑：万月英

原文链接：

https://www.chinadaily.com.cn/a/202010/27/WS5f9758c4a31024ad0ba81182.html