Higher-level opening-up key to China's future development: Experts

The container terminal of Xiuying Port in Haikou, Hainan province. [Photo/China News Service]

China's higher-level opening-up is an essential choice it makes for its future development when it strives to shape the new development paradigm of "dual circulation" and will offer more opportunities to the rest of the world for shared growth, experts and scholars said.

Speaking on Saturday at the opening of the 86th International Forum on China Reform held in Haikou, Hainan province, Xie Fuzhan, president of the Chinese Academy of Social Sciences, said building the new development paradigm, with the domestic market as the mainstay while domestic and international markets reinforce each other, calls for consistent reform and all-around opening-up.

While improving the business environment, Xie called for leveling the field so that domestic circulation with higher efficiency will help attract global production factors and resources.

The 86th International Forum on China Reform is held in Haikou, Hainan province, on Saturday. [Photo by Feng Yongbin/China Daily]

Higher-level opening-up is essential for building the new development paradigm, he said, calling for continued efforts to advance trade and investment liberalization and facilitation, build a higher-level open economy, and leverage the strength of the vast domestic market to promote robust, balanced, sustainable and inclusive growth of the world economy.

The forum, themed "High-Level Opening-up China and the World", was attended by around 600 Chinese and international scholars and experts with some of them joining discussions online. It was jointly organized by China Institute for Reform and Development, Bank of China, China Daily and China Public Diplomacy Association.

In a video speech delivered to the forum, Ban Ki-moon, former secretary-general of the United Nations and currently chairman of the Boao Forum for Asia, said China's high-level opening-up has great relevance to promoting economic globalization.