Chi Fulin: Promote the construction of a new development pattern with a high level of opening up

Photo by Chi Fulin, president of the China (Hainan) Reform and Development Research Institute, and Luo Yunfei

Haikou, October 30 (China News Network) -- At present, in the face of profound and complex changes in the world's political and economic pattern, China is accelerating the construction of a new development pattern. Chi Fulin, president of the China (Hainan) Reform and Development Research Institute, said in Haikou on the 30th that China's construction of a new development pattern will continue to release huge market potential and make new contributions to global economic development. He suggested that institutional opening up should be used to promote the construction of a new system of high-level open economy.

Chi Fulin pointed out in his keynote speech that China's firm promotion of high-level opening up is not only an important measure to expand domestic demand, maintain sustained economic growth, and promote global economic stability and recovery, but also a strategic choice for deep integration into the world economy and the process of economic globalization.

He said that China is and will be the world's most potential market. China is still in a critical period of economic transformation and upgrading, and factors such as the consumer market are facing greater pressure in the short term, but there is great potential in the medium and long term. It is predicted that by 2035, the proportion of residents' service-oriented consumption is likely to increase from 42.6% in 2020 to about 60%, resulting in trillions of dollars in consumption increases.

Chi Fulin said that China's industrial structure is being optimized and adjusted, and the next 5-10 years of service-oriented, innovative, green and open economic forms will gradually take shape, which will bring considerable market space and will make new contributions to the stability and growth of the global economy.

"China is an important driver of an open world economy. It is and will be. Chi Fulin pointed out that China's promotion of the construction of a high-level open economic system is conducive to fully releasing the potential and vitality of the market, is conducive to deep integration into the global economy, and promotes the construction of an open world economy.

He suggested that in the process of building a new development pattern, China should promote the integration of high-level openness and high-quality market economy, promote the construction of a new high-level open economic system with institutional openness, and create a market-oriented, rule-of-law and international business environment, and strengthen institutional arrangements in terms of fair competition, anti-monopoly, market transparency and intellectual property protection. For example, it is necessary to speed up the docking of the service industry with high-level international rules, break the monopoly and administrative monopoly of the service industry market as soon as possible; realize the transformation of economic policy from industrial policy to competition policy-based, strengthen the fair competition review of economic policy; take the initiative to dock with high-level global economic and trade rules, and strengthen stress tests in sensitive areas in free trade ports (zones).

China's economic growth rate in the first three quarters of this year showed a state of decline, can it effectively drive global economic growth in the future? Chi Fulin said that China's role as the "main engine" for global economic growth will not change, and he predicted that China's contribution to world economic growth is still expected to remain at 25%-30% in the next 5 years, and China's imports of goods and services will exceed 30 trillion US dollars and 10 trillion US dollars respectively in the next 15 years.

From a realistic point of view, in the face of the serious impact of the global crisis, it is necessary to co-govern and share global governance. Chi Fulin said that in order to cope with the emerging energy crisis, debt crisis and supply chain crisis, it is necessary for major economies to strengthen energy policy coordination and international cooperation, and work together to promote the world energy transition and energy technology innovation; strengthen industrial policy coordination, maintain the stability of the global industrial chain supply chain; strengthen monetary policy coordination, and prevent the global financial crisis. (End)

Source: China News Network