Senior finance official emphasizes China's openness to global economy

Updated 2016-11-24 10:34:29

China would build trade and an investment environment that is of higher trade liberalization and facilitation, and form new systems that would encourage the more efficient allocation of resources globally, an official said.

Hu Jinglin, vice-minister of finance, was attending the China Forum on Opening and Development, hosted by the Chinese Academy of International Trade and Economic Cooperation in Beijing on Tuesday.

He said China would also participate in the coordination of global macroeconomic policies, make more business exchanges and cooperate with overseas partners.

Based on the Belt and Road initiative, China would also support the infrastructure construction of international transportation channels, cross-boarder trade development, and preparation and operation of multilateral development banks.

Gu Xueming, president of the Chinese Academy of International Trade and Economic Cooperation, Ministry of Commerce, says the world's economic outlook has seen great changes, and China's economy is entering a new normal. Under this circumstance, a more open China could contribute a lot to the world's economic development.

He says a more open China means sharing its manufacturing with the world. At present, out of the about 500 types of major industrial products in the world, China produces the largest volume of about 220 types in the world, he says. In the future, with the upgrading of China's industries, China's manufacturing will have bigger influence on the world.

A more open China would also share its market with the world, which also would become a driving force for many countries' exports, and an important source of profit growth for many multinational companies. An open China would also contribute to the world with more resources, such as capital, technology and talent, he says.

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