The Chinese Ministry of Commerce (MOFCOM) has signalled efforts to further increase domestic demand and consumption while also reducing barriers to foreign investment into China.
In an essay written for Qiushi, the leadings theoretical journal for the Communist Party of China (CPC), MOFCOM head Wang Wentao (王文涛) highlighted the “historical necessity” of further opening up the Chinese economy.
“Facing the future, we stand on the right side of history, firmly and unwaveringly driving high-level economic opening, and providing vigorous impetus to the creation of new development conditions,” Wang wrote.
“President Xi Jinping points out that external opening is the fundamental national policy for China…making major domestic circulation the primary focus does not at all mean shutting the door and engaging in closed operation.
“It instead involves using the potential of domestic demand to connect domestic markets with international markets more effectively; better making use of both international and domestic markets, and achieving more vigorous sustainable development
“Driving higher level external opening is the necessary choice for the creation of new development conditions.”