China Daily:

The CPC Central Committee proposed fostering a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, which has attracted a lot of attention at home and abroad. Outside China, some worry that this will turn into a sole focus on the domestic economy and lead to China increasingly closing its doors to the outside world. What is your view on this? And what are your thoughts on extending efforts in opening-up?  

Sun Yeli:

First, I would like to say that this kind of concern is not necessary. Fostering a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other was a major decision made according to a thorough analysis of the situation and in line with the changes to China's development stage, development environment, and development conditions, in particular, the changes to China's comparative advantages. It will generate lasting momentum for the long-term development of the Chinese economy as well as the steady recovery of the world economy. Fostering the new development paradigm means maintaining an open domestic and international dual circulation, rather than a closed domestic loop. The domestic circulation being the mainstay does not mean shutting out other countries, but rather improving connectivity with the global market by releasing the potential from domestic demand. Pursuing high-level opening-up is an inherent part of the new development paradigm.

In fact, China has been accelerating its opening-up efforts in recent years. For example, we proposed the Belt and Road Initiative (BRI) and followed up by proactively promoting it. We signed up to and made efforts to implement the Regional Comprehensive Economic Partnership (RCEP), while trying to join multiple multilateral economic and trade agreements. China International Import Expo has been held successfully on four occasions to open our markets to the world. We established 21 pilot free trade zones (FTZs). The restrictive measures of negative lists regarding foreign investment access have been cut to 31 items at the national level and 27 items at the FTZ level, while the items related to manufacturing in FTZs have been completely removed. Restrictions regarding the share of foreign ownership in the financial sector have been revoked. Increasingly more areas have been opened to foreign capital. These steps clearly demonstrate that China will not be self-closed and will only continue to further opening-up efforts, not the other way around. 

Opening up is the fundamental national policy of China. No matter how the world changes, China will not shake its resolve and will for opening up. We will unswervingly advance opening up to cover more fields in a broader scope and at a greater depth. Thank you.

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