China Vows To Open Up 'on A Higher Level'

A Beijing official on Friday dismissed speculation that China is moving away from its open door policy with its efforts to push the domestic economy.

Han Wenxiu, the deputy director of the Office of the Central Economic and Financial Affairs Commission, said China is building a new development model.

He was speaking at a news conference wrapping up the fifth plenary session of the 19th CPC Central Committee.

“The globalisation of the economy is experiencing a setback in view of protectionism and unilateralism, as well as the impact of the pandemic,” Han said.

“Under such circumstances, strengthening domestic consumption is beneficial to the development of our economy.”

However, he said the country had to be involved in what he called “international circulation”.

“We will open up more on a higher level, and allow foreign businesses to enter our market. We will improve our business environment and attract foreign investments to create a win-win situation,” he said.

“A new development model doesn’t mean we will avoid opening up. Instead, the scale of our imports and exports as well as foreign investments will continue to expand and our international status will continue to climb,” he said.

Han also commented on the development of Hong Kong, saying the central government will strengthen its support for the city to become an international centre for innovative technology.

He added that the development of the Greater Bay Area will help residents of Hong Kong and Macau work on the mainland.

“Hong Kong is the freest economy in the world. The city has good foundations and a lot of professionals. The central government will support Hong Kong to enhance its competitiveness,” he said.