The 20th National Congress of the CPC stressed positive interplay between domestic and international economic flows
Over the past few decades, countries around the world have been integrated into economic globalization through the international division of labor and enjoyed the dividends of open development. Many countries have continued opening-up. Through enhanced international cooperation, they have bolstered their economic strength and global voices, which has effectively resisted the spread of the backlash against globalization.
For decades, China has been integrating into the global trend of open development, and has contributed to the growth of an open world economy. The Belt and Road Initiative has become a popular international cooperation platform and widely recognized global public goods. As of July, China had signed over 200 cooperation documents with 149 countries and 32 international organizations under the framework of the Belt and Road Initiative. The high-quality implementation of the Regional Comprehensive Economic Partnership agreement will inject impetus into regional and global economic recovery. In the first half of this year, the trade volume between China and the RCEP member countries was up by 5.6 percent year-on-year, highlighting the role of the trade pact in promoting trade among all parties. The RCEP's positive spillover effects are expected to grow.
In order to expand high-level opening-up and international cooperation, China is actively applying for membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, and continuously improving its level of opening-up to achieve high-quality development. China has proposed the Global Development Initiative and Global Security Initiative and is willing to work with other countries to build a new platform for international cooperation for opening-up and global governance.
The 20th National Congress of the Communist Party of China, which concluded recently, drew a blueprint for socialism with Chinese characteristics in the new era and set out the road map to build a modern socialist country in all respects.
The report to the congress emphasized efforts to promote high-quality development, which is the primary task of building a modern socialist country in all respects. To accomplish this important task, it is important to fully, faithfully and comprehensively carry out a new development philosophy, promote high-level opening-up, and accelerate efforts to foster a new pattern of development that is focused on the domestic economy and features the positive interplay between domestic and international economic flows, thus offering Chinese solutions and strength for building a prosperous and better world.
The author is vice-president of the Chinese Academy of Social Sciences. The author contributed this article to China Watch, a think tank powered by China Daily.