Author: Fan Gang, President of CDI

Editor’s Note: Opening up is in line with China’s fundamental interests. A new round of reform and opening up will certainly create more opportunities for China’s development.

Opening up is in line with China’s fundamental interests. Since 1978, China has achieved rapid economic development by opening up its market and introducing foreign investment. China is now implementing the “going global” strategy, which means it will open even wider in future. It will contribute to China’s long-term interest which is to achieve mutually beneficial cooperation in the opening up.

Recent years have seen the retreat of globalization. Under such circumstances, China shall first have a clear understanding of its fundamental interests, which lie in sustaining long-term growth and closing the gap with developed countries. China shall steadily press forward with economic restructuring as it opens wider, for instance, by conducting supply-side structural reform, cutting overcapacity and excess inventory, deleveraging, and defusing financial risks. China should also maintain a prudent monetary policy to ensure steady economic growth.