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Build New Systems for a Higher-level Open Economy to Promote the Construction of the New Development Paradigm

Source：The Seanews 07-14-2023 10:05:00

On July 11, the second meeting of the Central Commission for Comprehensively Deepening Reform was held in Beijing. The Opinions on Building New Systems for a Higher-level Open Economy to Promote the Construction of the New Development Paradigm was deliberated and approved.

The meeting stressed that building new systems for a higher-level open economy is China's strategic move to promote reform and development through opening up. It is necessary to build the new development paradigm with a focus on services, emphasize institutional opening-up, and deepen the reform of systems and mechanisms in key areas of foreign exchanges and cooperation such as investment, trade, finance and innovation.

The meeting pointed out that at present, China needs to improve the top-level design of new systems for a higher-level open economy, deepen the reform of systems and mechanisms for trade and investment, expand market access, comprehensively optimize the business environment, and refine the service support system. China also needs to give full play to its comprehensive strengths, attracting global resources through domestic circulation and enhancing the quality and level of trade and investment cooperation. We should keep in mind the worst-case and extreme scenarios, step up efforts to improve the national security guarantee systems and mechanisms, and strive to enhance the ability and level of opening-up and supervision. We should closely align with the construction of new systems for a higher-level open economy and national strategies such as the high-quality Belt and Road cooperation, and actively participate in the reform and building of the global governance system.