New institutions facilitate high-level opening-up

With this year marking the 75th anniversary of the founding of the People's Republic of China and being a critical year for fulfilling the goals set out in the 14th Five-Year Plan (2021-25), Chinese policymakers are making greater efforts to foster a new development pattern, advance high-quality development and further deepen reform and opening-up.

China's plan for further opening-up in the new era is part of the country's comprehensive reforms, as outlined in the resolution of the third plenary session of the 20th Central Committee of the Communist Party of China, which was held in July. The resolution said China will further deepen reform comprehensively to advance Chinese modernization, and promote high-level opening-up. It also said that leveraging the strengths of its enormous market, China will deepen cooperation with other countries, steadily expand institutional opening-up, further reform the foreign trade structure, improve planning for regional opening-up, and refine the mechanisms for high-quality cooperation under the Belt and Road Initiative.

China aims to build a high-standard socialist market economy in which the market will play the decisive role in resource allocation and the government will act as supervisor, and intervene in the market only if needed. Also, it will strive to become self-reliant in science and technology, expeditiously develop a new development paradigm, and pursue high-quality development.