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Original title: Free Trade Port takes the lead, multiple openings are good for an intensive launch
The construction blueprint of the “14th Five-Year Plan” was slowly implemented, and the 86th China International Reform Forum with the theme “High-level open China and the world” was held in Haikou from 14-15. “Economic Information Daily” learned at the forum that in the next step, China will take the construction of free trade ports and other open highlands as a leader, strengthen the ability to integrate international rules, increase reforms in key areas such as finance and trade in services, and will further relax market standards. Inside. The analysis pointed out that with the launch of a series of opening measures, the construction of a new system for a higher level of open economy will be accelerated and the new development pattern will also be strongly promoted. The dividend from opening up the huge domestic demand market will benefit the national and foreign economies.
Free Trade Port Leads Construction of Open Highlands
“To build a new pattern of development, we must persist in the comprehensive deepening of reforms and implement a high-level openness to the outside world.” Xie Fuzhan, Dean of the Chinese Academy of Social Sciences, pointed out in his speech at the forum that in China’s long-term strategy to build a new pattern of development, we must identify the new pattern of development. China’s positioning and full use of high-level open platform pilot and pilot functions. The construction of the Hainan Free Trade Port will definitely have a lot to do to adhere to the expansion of domestic demand, the orderly expansion of the high-level opening of the service industry, and the construction of a high-class talent plateau. world. There is so much to do.
Signs to promote the construction of free trade ports have been widely broadcast. The “14th Five Year Plan” proposes to move steadily forward in the construction of the Hainan Free Trade Port and to build a new mountain for the opening. Subsequently, at the 3rd China International Import Expo, China announced that it would effectively play the leading role of pilot free trade zones and free trade ports, issue a negative list of cross-border service trade, and continue to expand the opening in the digital economy, Internet and other fields, and would deepen commerce. And investment liberalization, facilitation, reform and innovation, and promote the construction of a new system for a higher level of open economy.
Shen Danyang, Deputy Governor of the People’s Government of Hainan Province, stated that the construction of the Hainan Free Trade Port is a historic strategic decision taken by the Party Central Committee to coordinate the overall national and international situations, based on the present, focusing on the future and judging the situation. The purpose is to turn Hainan into a deep integration of China. The frontier of the global economic system, a clear flag and an important gateway for China in the new era.
Shen Danyang said that since the publication of the “General Plan for the Construction of the Hainan Free Trade Port”, Hainan has paid close attention to the implementation of various policies of the free trade port and achieved the initial results. The first is to vigorously promote liberalization and facilitation; the second is to implement a competitive fiscal policy; the third is to build a world-class business environment; the fourth is to provide investors with reliable legal protection.
Chi Fulin, Dean of the China Development and Reform Research Institute (Hainan), noted that the Shenzhen Special Economic Zone, the Free Trade Port, the Pilot Free Trade Zone, the Greater Guangdong Bay Area -Hong Kong-Macao, etc., are China’s “testing grounds” for building a new high-level open economic system. . It is necessary to give it greater autonomy in reform and opening-up and to take the lead in comparative evaluation of high-level international economic and trade rules.
Further progress in the financial sector
Experts say that economic globalization is largely the result of global capital flows, and financial openness plays an increasingly important role in economic openness.
Wang Fanghong, a senior fellow at the Bank of China Hainan Finance Institute, said that since 2018, China has announced more than 50 financial liberalization measures, completely abolishing restrictions on the shares of foreign capital in banks, securities, funds, futures and personal insurance, and greatly relaxes restrictions on business scope. , Completely cancel the investment quota restrictions of QFII and RQFII. Currently, on our negative list of access to foreign investment, the restrictive measures of the financial industry have been reduced to zero.
In the future, a broader and higher level of financial openness can be expected. The Governor of the People’s Bank of China, Yi Gang, said at the Second Bund Financial Summit a few days ago that he will continue to promote the openness of the financial industry and create a legalized and market-oriented international financial exhibition industry environment. The pre-entry national treatment management system plus negative lists will be fully implemented to promote the transformation of open concepts and models. In the next step, the opening up of the financial services industry, the reform of the RMB exchange rate formation mechanism, and the internationalization of the RMB as a whole will be promoted.
The Hainan Free Trade Port also focuses on financial openness. Fu Pingjiang, Secretary of the Party Committee and Director of the Hainan Banking and Insurance Regulatory Office, recently stated that expanding the openness and enriching the financial business of Hainan is an important part of the steady advancement of the Hainan Free Trade Port and the establishment of a new mountain for opening. The Hainan Banking and Insurance Regulatory Office will actively introduce foreign banks and foreign insurance companies, and actively attract qualified and powerful investment entities to establish property insurance companies, personal insurance companies and other financial institutions in Hainan, and gradually promote the liberalization and facilitation of cross-border capital flows. Promote the construction of a modern financial system with international competitiveness that is compatible with the Hainan Free Trade Port.
Wang Fanghong said that the Hainan free trade port, as the opening border “inside and outside customs”, should strengthen the ability to integrate international standards on the basis of open practice and market demand, take advantage of fully the role of Hainan free trade port as a testing ground and carry out financial openness system innovation.
Build a new structure to release more dividends
Forum guests expressed that, led by the free trade port and other open highlands, further steps have been taken in reform and opening up in key areas, the two international and domestic markets and two resources will be better connected and a new dual cycle pattern. On this basis, China’s large-scale domestic demand market potential will provide more space for high-quality domestic development and also inject more positive energy into economic globalization.
According to Ban Ki-moon, former Secretary-General of the United Nations and chairman of the Boao Forum for Asia, China’s high-level openness is essential for economic globalization. Cooperation in the international community to jointly respond to the epidemic is promoting the recovery of the world economy, in addition to maintaining multilateralism and promoting multilateralism. They all play an important role in the global free trade process.
Chi Fulin said that as China has entered a new stage of development, the environment and conditions for China’s opening up to the outside world have undergone further changes. The high-level opening introduces new historical features. Among them, the basic guiding role of the expansion of domestic demand to lead the high-level opening is fully highlighted. Preliminary estimates indicate that the new domestic demand scale of 100 billion yuan will lay an important basis for China to achieve economic growth of 4% to 5% in the next 5 to 15 years. It is estimated that in the next 5 to 10 years, China’s contribution to world economic growth is still expected to remain between 25% and 30%.
Regarding the future direction of opening up, Chi Fulin suggested that the opening of the service industry and the development of trade in services should be promoted at a high level. During the “XIV Five-Year Plan”, it is necessary to simultaneously promote the process of opening up trade in services in the life services industry and the production services industry, and strive to increase the share of trade in services in total foreign trade by 2025 from the current 14.6% to more than 20%; adapt to innovation In the nation-building process, it is necessary to achieve a significant increase in the share of knowledge-intensive trade in services in trade in services.
Sun Yongfu, former director of the European Department of the Ministry of Commerce, proposed that the next step is to continue to open up trade and investment in services. The China-Europe Investment Agreement that is being signed is a very important window of opportunity at the moment, and it is also an important opening-up measure for China.
Chi Fulin believes that China’s adherence to domestic demand-driven high-level opening up can not only effectively unleash the super-large market potential of 1.4 billion people, but will also help the world share the Chinese market; It will not only help China achieve high-quality development, but also Has a major impact on the recovery of the world economy under the impact of the epidemic; not only leads to China’s high-level opening-up to promote market-oriented deep reforms, but also leads to the global distribution of dividends from the comprehensive deepening of China’s reform and opening-up. (Economic information newspaper)
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