(Source: "China Financial News" 2024-12-19)
At the end of the year, looking back on this year, despite the intensification of global w88 protection and the so-called "decoupling and breaking of links" advocated by some countries and the construction of so-called "small courtyards and high walls", China's pace of opening up has always been steady and powerful. The Central Economic Work Conference held on December 11-12 once again sent a strong signal of "expanding high-level opening up to the outside world, stabilizing foreign w88, and stabilizing foreign investment," and set out the focus of opening up next year.
The meeting proposed that independent opening up and unilateral opening up should be expanded in an orderly manner, institutional opening up should be steadily expanded, the pilot free w88 zone should be promoted to improve quality and efficiency and expand reform mandates, and accelerate the implementation of the core policies of the Hainan Free w88 Port. Actively develop service w88, green w88, and digital w88. Deepen the reform of foreign investment promotion systems and mechanisms. We will steadily advance the opening up of the service industry, expand pilot openings in telecommunications, medical care, education and other fields, and continue to build the "Invest in China" brand. Promote the high-quality joint construction of the “Belt and Road” to be deeper and more practical, and improve the overseas comprehensive service system.
Guidelines for opening up to the outside world in 2025
The Central Economic Work Conference is my country’s highest-level annual economic conference. It is a “watchtower” for judging the economic situation, a “setter” for macroeconomic policies, and a “battle map” for economic work.
Lv Yue, Professor at the National Institute for Opening-up and Opening-up, Executive Director of the Institute of Global Innovation and Governance at the w88 casinoIn an interview with reporters, he said that the meeting sent a clear message—China will promote opening up to the outside world at a higher level, in a wider area, and with greater intensity. The relevant arrangements demonstrate my country's determination to proactively adapt to international economic and w88 rules and new trends in the global economy by taking institutional openness as the starting point, and also reflect the practical need to promote high-quality economic development by stabilizing foreign w88 and foreign investment. Compared with previous years, this conference focused more on the opening of new business forms and fields such as green w88, digital w88, and service w88, reflecting the new development trend of my country's opening up focus from the manufacturing field to the service field.
“This year’s Central Economic Work Conference once again reflects my country’s unswerving determination to expand high-level opening up to the outside world. The relevant policy deployment measures are practical and powerful, which will provide stronger external growth momentum for my country’s high-quality economic development in 2025.” Wang Zhixuan, deputy director and professor of the “Belt and Road” Financial Development Research Center of Xiamen National Accounting Institute, pointed out.
Liu Qichao, a researcher at the International Taxation Research Center of the Central University of Finance and Economics, believes that the key task arrangements made at the meeting on opening up to the outside world fully reflect the Party Central Committee’s profound insight into the general trend of economic development and its accurate understanding of the laws of economic work, and provide clear direction guidance and strong spiritual power for the whole country to do a good job in opening up to the outside world in 2025. A series of opening-up measures will help form a powerful driving force for my country's economic ship to ride the wind and waves and make steady and long-term progress.
Organically expand independent opening up and unilateral opening up
The "Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-style Modernization" proposes "expanding independent opening up" and "expanding unilateral opening up to the least developed countries." This year’s Central Economic Work Conference listed “orderly expansion of independent opening up and unilateral opening up” as a key task for next year.
Lv Yuebelieves that this shows that in the context of the current rise of global economic protectionism and increasing uncertainty, my country is paying more attention to promoting high-level opening up through independent control and proactive actions. It is also emphasizing that it actively promotes the opening-up process while maintaining policy independence in accordance with national development needs and strategic goals, reflecting China's enthusiasm and autonomy in opening up.
Since November 30, my country’s unilateral visa-free scope has been expanded to 38 countries. Starting from December 1, China has granted zero-tariff treatment to all products from the least developed countries that have diplomatic relations with China. "These are unilateral opening-up measures that proactively hedge against w88 protectionism." Wang Zhixuan said that my country will still face potential risks such as increased tariffs next year, but proactive actions can effectively prevent and respond to the important goals of "stabilizing foreign w88 and foreign investment."
In 2025, Hainan Free w88 Port will fully launch customs closure operations. Liu Qichao said that from a fiscal and taxation perspective, the special fiscal and taxation system is one of the core policies and distinctive features of the construction of Hainan Free w88 Port. The Central Economic Work Conference proposed to "accelerate the implementation of the core policies of Hainan Free w88 Port", not only promote the internationally competitive free w88 port fiscal and taxation system as a macro-control tool to hedge against the adverse effects of changes in the external environment, but also achieve stable foreign w88 under the key task of "expanding high-level opening up". , stabilize foreign investment, and highlight a more proactive attitude to accelerate the research, formulation, and implementation of the "fiscal and taxation system" that has been written into the "Hainan Free w88 Port Construction Master Plan" and the "Hainan Free w88 Port Law of the People's Republic of China", and introduce a more powerful and brighter fiscal and taxation system arrangements as soon as possible.
Liu Qichao believes that it mainly includes three aspects: First, focus on reducing the cost of factor circulation. Based on the current three "zero tariff" lists, we will study and launch a "minimalist version" of the imported goods tax catalog list as soon as possible. The second is to increase the attraction to target companies and talents. Comprehensively benchmark the fiscal and taxation standards set by the G20, OECD, and WTO, and study and improve the subsidy policy framework. The third is to vigorously boost consumption and promote the return of overseas consumption. Efforts should be made to optimize the tax-free policies and management measures for offshore islands, expand product categories, improve consumer experience, study and introduce a "zero tariff" policy for imported daily consumer goods as soon as possible, and better build Hainan as an international tourism and consumption center.
It’s time to “invest in China”
List “deepening the reform of foreign investment promotion system and mechanism” as a specific measure,Lv Yuebelieves that this reflects China’s deep understanding and high importance of stabilizing foreign investment and optimizing the economic structure under the current macroeconomic and global economic environment. On the one hand, global economic uncertainty has intensified and international capital flows have become differentiated. my country needs to enhance its attractiveness to foreign investment through the optimization of institutional mechanisms to enhance the resilience of its own industrial and supply chains. On the other hand, the domestic economy is at a critical stage of high-quality development. Deepening the reform of systems and mechanisms can better meet the needs of foreign-invested enterprises for a fair, transparent, and efficient market environment and solve the institutional obstacles faced in the investment process. In addition, this is also in line with the requirements of international high-standard economic and w88 rules and promotes domestic reform in depth by integrating with global rules.
Lv YueAnalysis pointed out that this deployment will have many positive impacts: First, it will improve the efficiency of foreign investment access, services and protection, stabilize the basic market of foreign investment, and enhance foreign investment confidence; second, it will attract more high-quality foreign investment projects to be implemented and promote the domestic industrial chain and supply chain to move towards a high level. The third is to strengthen China's position as an important destination for global investment and inject more certainty into international capital; the fourth is to help build a new open economic pattern, release economic vitality, and provide a positive impetus for regional economic cooperation and global economic recovery.
Lv Yuealso pointed out that the deployment of “steadily advancing the opening up of the service industry, expanding pilot openings in telecommunications, medical care, education and other fields, and continuing to build the ‘Invest in China’ brand” will also bring benefits in many aspects. The first is to optimize resource allocation and improve service quality. Through open pilots, international advanced technologies and management models will be introduced to promote the upgrading of service levels in key areas such as telecommunications, medical care, and education, meet the people's growing demand for high-quality services, and help improve social welfare levels. The second is to attract high-quality foreign investment and improve the business environment. Continue to build the "Invest in China" brand, further improve the market-oriented, legal and international business environment through institutional opening, attract global high-quality capital and resources into China, and enhance the confidence of foreign-invested enterprises. The third is to enhance international competitiveness and seize the commanding heights of service w88. Expanding the opening of the service industry will help benchmark international high-standard economic and w88 rules, enhance the status of China's service industry in the global value chain, and lay a solid foundation for global competition in emerging fields such as the digital economy and green economy. The fourth is to deepen regional cooperation and promote the integration of global value chains. The opening up of the service industry, especially the pilot projects in education, medical and other fields, will further promote the "Belt and Road" cooperation, strengthen transnational technological exchanges and talent training, and achieve coordinated development and win-win results in regional economies.
Enterprises going overseas will be more smoothly
Data released by the Ministry of Commerce shows that in the first 10 months of this year, my country’s foreign non-financial direct investment was US$115.83 billion, a year-on-year increase of 10.6%. Among them, Chinese enterprises’ non-financial direct investment in countries jointly building the “Belt and Road” amounted to US$26.65 billion, a year-on-year increase of 3%.
Currently, Chinese enterprises are accelerating the use of international resources and markets, and the pace of going overseas is accelerating. “If you don’t go overseas, you’re out” is becoming the consensus of many Chinese companies. At the same time, enterprises also encounter a series of risks and challenges such as economic, political and geopolitical conflicts in the process of going overseas. "Anyone who goes overseas will be eliminated" has also become an important reminder for Chinese companies to go overseas. Wang Zhixuan believes that in this context, this year's Central Economic Work Conference proposed "improving the overseas comprehensive service system", which is to better serve Chinese enterprises in "going global" and effectively support Chinese enterprises in optimal allocation of resources on a global scale. He predicts that efforts will be focused on infrastructure, financial payment, after-sales, information consulting and other aspects.
In the ten years since the “Belt and Road” initiative was put forward, the total import and export volume between my country and the co-building countries has reached 19.1 trillion U.S. dollars, and the average annual growth rate of w88 has reached 6.4%. In the past five years, the average annual growth rate has been as high as 8.1%. “The ‘Belt and Road’ initiative is generating new momentum for world economic growth and also providing greater opportunities for my country’s economic and w88 cooperation.” Wang Zhixuan said that in the future, we should be guided by the eight actions of high-quality joint construction of the “Belt and Road”, with interconnection as the main line, and focus on promoting Mechanism building, improving the overall management mechanism for the joint construction of the "Belt and Road" cooperation planning, coordinating and promoting the construction of major landmark projects and "small but beautiful" people's livelihood projects, establishing and improving the "Belt and Road" scientific and technological innovation cooperation system, and accelerating the improvement of the overseas integrity risk prevention and control system.
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