China to Expand Economic Ties Globally

China to Expand Economic Ties Globally

“Opening-up” is one of the most used catch phrases during China’s ongoing “two sessions” — the annual gatherings of the country’s top legislature and the political advisory body.

“China’s open door will not close,” said President Xi Jinping during the annual two sessions, vowing the country will keep on opening up on all fronts, and continue to liberalize and facilitate trade and investment.

Xi’s remarks echoed his January speech at the World Economic Forum in Davos, Switzerland, in which the Chinese president said pursuing protectionism is like “locking oneself in a dark room.”

Meanwhile, Xi’s pledges sent once again clear messages that China has always been ready to carry out win-win cooperation with other countries.

“At a time when isolationism and protectionism are on the rise in the West, China’s openness will be the benchmark for continued globalization,” said lawmaker Ou Chengzhong.

China’s government work report delivered by Premier Li Keqiang during the two sessions pointed the way to improving the strategic blueprint of China’s opening up, and set the course toward a deeper and higher level of opening up.

China will push ahead with the Belt and Road Initiative, for example, by accelerating the building of overland economic corridors and maritime cooperation hubs, and deepening international industrial capacity cooperation, according to the report.

China will also make big moves to improve the environment for foreign investors, including making service industries, manufacturing, and mining more open to foreign investment, encouraging foreign-invested firms to be listed and issue bonds in China, and allowing them to take part in national science and technology projects, the report said.

The latest opening-up initiatives demonstrate China’s confidence and focus, said Zhang Zhao’an, deputy head of the Shanghai Academy of Social Sciences and a National People’s Congress (NPC) deputy.

Marcelo Fernandez, an international relations analyst, said that given its global geopolitical importance, China’s increasing openness is positive.

“It is highly positive that China will open itself further to the world. It is something Ecuadorians must learn to promote our development,” said Fernandez, who is also a former diplomat.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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