The senior-most authority of the Chinese Communist Party (CCP) has committed to further opening of the economy in the second half of 2020, despite worsening relations with the United States amidst the COVID-19 pandemic.
A meeting of the CCP’s politburo convened at the start of August highlighted the necessity of “firmly and unwaveringly driving reform, continuing to expand opening, and continuing to strengthen development impetus and vitality.”
According to a report from the People’s Daily – the CCP’s flagship newspaper – on the Politburo meeting, the ongoing spread of the Novel Coronavirus pandemic has resulted in a “global economy which has succumbed to deep decline, and an international environment which is increasingly complex.”
The world is currently passing through major changes not seen in a century, yet peace and development remain the themes of the era. From a long-term perspective, economic globalisation is the trend of history, with all countries engaging in the division of labour and cooperation…mutual benefit and joint victory is the long-term trend.
China will continue to stand on the right-side of history, uphold deepening reform, expand opening and drive the creation of an open global economy.
The People’s Daily also highlighted the need for opening of the Chinese economy to “fully employ the advantages of China’s super-sized market.”
China has a population of 1.4 billion, and a super-sized domestic demand market comprised of a 400 million-strong middle-income demographic…it possesses the world’s largest and most complete industrial system, it possesses powerful manufacturing capability and excellent ancillary systems.
China’s growth cannot do without the world, and the prosperity of the world also needs China…China will employ real actions to convey to the world’s its unchanged commitment to external opening.