Amid rising global protectionism, China is charting a different course by opening its doors wider to the world, offering a beacon of hope for the global economy.
In a year where “barrier” became a buzzword in Western policies toward China, many developed nations imposed hefty tariffs on Chinese goods. The U.S. announced additional tariffs ranging from 25 to 100 percent on products like critical minerals and electric vehicles. Following suit, Canada and the European Union introduced their own tariffs on Chinese imports.
Despite these challenges, China remains steadfast in its commitment to openness. As the world’s second-largest economy and a leading global manufacturer, China’s strategy focuses on tearing down walls of protectionism to foster stronger, more stable global economic growth.
Embracing Openness
China’s recent policies underscore its dedication to expanding openness. The third plenary session of the 20th Central Committee of the Communist Party of China emphasized the nation’s intent to remove market access restrictions in the manufacturing sector and promote openness in telecommunications, education, culture, and medical services.
Concrete steps were outlined during the Central Economic Work Conference, which laid out plans for 2025. These include enhancing free trade zones, promoting digital and green trade, and expanding pilot projects in sectors like telecommunications and education.
Initiatives like the China International Import Expo (CIIE) showcase China’s efforts to build platforms for global trade cooperation. Despite global trade tensions, multinational corporations continue to participate actively in the CIIE, highlighting confidence in China’s market.
A Stabilizing Force
China’s commitment to openness is crucial for global economic stability. With its vast market, China offers significant business opportunities to its trading partners. In the first eight months of 2024, over 36,000 new foreign-invested enterprises were established in China, an increase of 11.5 percent year-on-year.
The country’s comprehensive manufacturing capabilities and complete industrial system make it integral to global supply chains. China’s advantages in infrastructure, talent, and logistics help minimize risks of economic turbulence due to supply chain disruptions.
Driving Global Transformation
As the world undergoes digital and green transformations, China’s innovations in these sectors are leading the way. In digital technology, China has established platforms like the World Internet Conference to foster international cooperation.
In green energy, China’s export of electric vehicles, lithium batteries, and photovoltaic products has surged, contributing significantly to global efforts in combating climate change. Despite some countries imposing tariffs on these products, they remain in high demand worldwide.
Chinese companies are also playing a pivotal role in international green projects. For instance, wind turbine manufacturers from China are contributing to sustainable energy projects across the globe, aiding countries in their transition to renewable energy sources.
A Vision for Inclusive Growth
China’s approach contrasts with the protectionist policies of some developed nations. By embracing openness and cooperation, China aims to inject vitality into the global economy. This commitment not only benefits China but also offers opportunities for collaborative growth and development worldwide.
In a time of economic uncertainty, China’s actions serve as a reminder of the potential of open trade and international cooperation in building a more sustainable and inclusive global economy.
Reference(s):
cgtn.com
