BEIJING, Nov. 26 (Xinhua) -- Faced with a complex development environment, China needs to promote reforms at home and open up wider to the outside world, Chinese Minister of Commerce Gao Hucheng has told Xinhua in an exclusive interview.
A plan, unveiled by the Communist Party of China Central Committee earlier this month, vows to build a more open economy and make arrangements for further opening up, Gao said.
Arrangements and measures, if implemented, are set to provide new vigor and momentum for further development, the minister said.
REASONS FOR FURTHER OPENING UP
China began the reform and opening-up drive in 1978. It has achieved galloping economic growth in the last 35 years, and Chinese society has witnessed significant changes and progress.
The Chinese economy, according to Gao, is at a new starting point as it is undergoing a growth slowdown and sticky structural adjustment.
Domestically, the Chinese economy could not continue with its model of growth because of ever-growing restraints on resources, energy and environment, as well as rising labor costs.
In addition, a lot more progress is needed in the transformation of government functions and establishment of various intermediaries.
Internationally, there have been significant changes in globalization, pattern of world trade, and competition and cooperation of global industries.
Global communities, especially developing countries, have higher expectations on China's development and on cooperation. Meanwhile, developed countries have made increasing requests on China in protection of intellectual property rights and market access, Gao said.
"In this context, we ought to open up further to avoid stagnation of the Chinese economy," he said.
OPENING UP FURTHER
The plan said China will open up further to the outside world by lowering the investment threshold, stepping up the development of free trade zones and increasing opening up of inland and border areas.
Gao said the ministry will make more efforts in four aspects.
Firstly, more work will be done to expand the opening up of inland and border areas. Gao said his ministry will support inland areas to facilitate industry transfer from coastal regions and overseas, and develop their own export-oriented sectors.
The ministry will also encourage border areas to conduct more trade and other economic cooperation with neighboring countries, so that they can nurture their own industries such as manufacturing, logistics and tourism.
Secondly, the ministry will work to widen market access for foreign investors. It will speed up unifying laws and regulations for both domestic and overseas investors, and endeavor to keep investment policy stable, transparent and predictable.
It will open finance, education, culture and medical care to foreign investors in an orderly manner. It will lift access restrictions for foreign investors in child-care and old-age care, architectural design, accounting and auditing, commercial logistics and e-commerce. The manufacturing sector will also become more open.
Thirdly, more efforts will be made to optimize the structure of foreign trade and to build up export competitiveness by focusing on technology, brand, quality and service.
Fourthly, the ministry will work to integrate multilateral cooperation with regional and sub-regional cooperation. It will also step up the development of free trade zones.
Concerning bilateral ties, China will work with developed countries to innovate new cooperation models and improve existing cooperation mechanisms. It will deepen cooperation with emerging economies and developing countries to complement each other's advantages.
