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

Xie Fuzhan, president of the Chinese Academy of Social Sciences, makes a speech at the 86th International Forum on China Reform on Saturday. [Photo by Feng Yongbin/China Daily]

Ban said that through opening-up, China plays a significant part in the global fight against the COVID-19 pandemic. It also helps the global economy recover from recessions due to the pandemic, safeguard multilateralism and promote free trade, he added.

Shen Danyang, vice-governor of Hainan province, said the province is striving to implement the national strategy of building the free trade port in the island and make Hainan a pacesetter for the country's all-around opening-up.

To this end, Hainan has taken steps to promote liberalization and facilitation of trade, investment, cross-border capital, human resources and transportation and ensure safe and orderly data flows, Shen said, adding it has also unveiled competitive taxation policies and strives to build a world-class business environment.

In a written speech delivered to the forum, Bank of China Chairman Liu Liange described the building of the new development paradigm as China's strategic choice.

Through the new development paradigm, China will create new impetus for win-win cooperation by spurring domestic demand, shape the new structure of international competition through innovation-driven development, and expand international cooperation through all-around opening-up, Liu said.

Zhou Shuchun, publisher and editor-in-chief of China Daily, addresses the 86th International Forum on China Reform on Saturday. [Photo by Feng Yongbin/China Daily]

Addressing the forum, Zhou Shuchun, publisher and editor-in-chief of China Daily, called for efforts to explain the "development logic" of China on its new journey toward a modernized country.

The logic is proposed based on the reality that China has entered the new development stage, and calls for efforts to implement the new development philosophy and build the new development paradigm, Zhou added.

Wu Hailong, chairman of China Public Diplomacy Association, called for institutional opening-up in terms of rules, regulations and standards while advancing the higher-level opening-up in order to better participate in international cooperation and competition.

He also underlined the need to uphold the international system with the UN at the center, safeguard multilateralism and oppose unilateralism, and promote trade and investment liberalization.

Chi Fulin, president of China Institute for Reform and Development, addresses the 86th International Forum on China Reform on Saturday. [Photo by Feng Yongbin/China Daily]

The opening-up of China's services market and accelerating the growth of trade in services will be the key to unleashing the potential for China's consumer spending in the next five years and beyond, said Chi Fulin, president of China Institute for Reform and Development.

Noting that trade in services is on course to become the prioritized area for China's economic upgrading and transformation, Chi said that China's efforts to develop trade in services not only complies with its domestic consumption demand but also creates enormous potential for win-win cooperation with other countries and regions, which will also provide an important impetus for advancing bilateral and multilateral free trade.