The six major development trends of China's open economy

Source: "Chinese Social Sciences Digest" 2022, No. 5 P83 -P84

Author: Wuhan University Reform and Opening Research Project Group

Author's unit: The National Institute of Development Strategy of Wuhan University, the original "China" Six Development Trends in the Entry Economy in China for 20 Years ", is taken from" Economic vertical "2021.

As the "participants", "beneficiary" and "contributors" of globalization, the comprehensive opening up of mutual benefit and win -win situation has become a distinctive sign of contemporary China. At the 20 -year historical node of "Entrustering", China has opened a new journey of socialist modernization country construction, summarizing and exploring the historical logic, practical logic and theoretical logic of China's open economic development, and the construction pattern of new development and further promoting a high level Opening to the outside world is of great significance. In general, China's open economy has shown six major development trends over the past 20 years.

First, we pay more attention to exports and introduction of foreign investment to import and export collaboration and two -way investment.

In the past 20 years, China has paid more attention to the use of two domestic and international markets and two types of resources, and the domestic and international dual cycles have been promoted.

In terms of investment, it has gradually evolved from the initial "introduction" to the coordinated development of "introduction" and "going global". Carrying out multinational mergers and acquisitions and reorganizations is an important way for Chinese enterprises to "go global", so that Chinese companies can obtain core products, technology, brands, and supply chains of global influential enterprises in a short period of time, and build an international market production and sales network. The export channels of domestic products, through the introduction of technology and digestion and absorption, and innovate the improvement of domestic production capacity, participate in the global industrial division of labor deeper, and promote and upgrade the domestic industrial structure in a larger scale to integrate and use global resources and global markets to promote the optimization and upgrading of the domestic industrial structure , Improving the comprehensive advantages of open economic development. In terms of trade, imports and exports tend to balance, and "world factories" and "world markets" are promoted together. Long -term uneven immobilization of import and export trade will cause adverse effects such as distortion of trade targets, deterioration of trade conditions, increased risk of foreign exchange reserves, and intensified trade frictions and intensified disputes. Generally speaking, my country's imports are mainly production, and about 70%of imported products are used for intermediate investment. In recent years, the International Import Expo, China International Consumer Products Expo and other exhibitions have become popular international public products. The digital Canton Fair has become a stable anchor of the global industrial chain supply chain, highlighting China's open market, opening consumption, promoting China to promote China The attitude and pattern of consumer empowering the global economy.

Second, the gradual shift from the flow of commodity and factors to the gradual shift to the institutional openness.

By expanding the opening of the open economic system, my country's business environment has been greatly optimized, and its business environment has shifted from conforming to international economic and trade rules to actively lead global economic governance. From the opening of the product and factors to the flow to more focus on institutional opening, it is an important practice of my country ’s open -minded and open initiative to open up and open the initiative to the outside world. It also reflects my country's gradual open thinking. The World Bank's "2020 Business Environment Report" shows that China's business environment ranks 31st, which is 15th from the previous year. The level of rule of law has reached a new height. As a representative of an emerging economy, China has taken the WTO from learning and familiar with the rules to the use of rules, and then actively participate in the formulation of rules and actively participate in international economic governance. Not only has the status and influence in the world trade organizations gradually increased, but also to a certain extent Promote the changes in unreasonable and unfair international economic order and the evolution of global economic governance.

Third, the vitality of private enterprises in the development pattern of state -owned enterprises and private enterprises and private enterprises has significantly enhanced the vitality of private enterprises.

Under the open economy, Chinese state -owned enterprises, private enterprises, foreign -funded enterprises and other diversified entities are competing. The structure of trade operations has changed significantly, and private enterprises have grown into the largest subject of foreign trade activities. With the continuous improvement of the market economy system, the rapid development of private enterprises, the contribution of foreign trade entities has shown a trend of gradually declined between state -owned enterprises and foreign -funded enterprises, and the proportion of private enterprises has gradually increased. Private enterprises have the huge flexibility of "U -imination of the boat" and the strong vitality of "Black Wind Know the Grass". It has a strong ability to adjust the environmental changes, the level of trade services is high, and can quickly capture market information to meet the diversity of the international market diversity Demand. In 2020, private enterprises accounted for 89.9%of cross -border e -commerce. Private enterprises have also played an increasingly important role in foreign investment. From 2006 to 2020, non -state -owned enterprises 'foreign non -financial investment stocks increased significantly from 19%to 53.7%, while state -owned enterprises' investment accounted for 81% To 46.3%.

Fourth, shift from the advantages of cheap labor to the development of cheap labor to more attention to innovation -driven development.

In the early days of "entering the WTO", my country has quickly integrated into the global industrial division of labor through the comparative advantage of cheap labor, and has shifted to more attention to the improvement of new international competition advantages through innovation capabilities. New models such as trade, digital trade, and cross -border e -commerce have flourished.

In the past 20 years, the advantages of endowment in my country have undergone profound changes. The relative costs of different elements have continued to change. The most significant is the comparative advantage of the "demographic dividend" that leads to the weakening of cheap labor. At the same time, the advantages of capital and technology have greatly expanded. Labor -dense resources to technology -capital intensive upgrade. my country ’s low -end and high -end industrial chain are“ squeezed ”by developing countries and developed countries, respectively, and must achieve the sustainable development of an open economy through innovation. The booming rise of service trade, digital trade, and cross -border e -commerce is an important way for my country's trade innovation and development. Digital trade represents the new direction of international service trade development, allows trade that cannot be traded, changes the traditional trade method, effectively expands the scale of trade, and has become a new driving force for international trade. In 2020, the new crown pneumonia's epidemic has led to the global industrial chain and the supply chain "broken chain". Cross -border e -commerce has the advantages of its online, multilateralization, localization, non -contact delivery, and short trading chain. The impact played a positive role. Fifth, the layout and structure of the open area are continuously improved.

Over the past 20 years, my country's international market layout has continued to optimize, emerging markets have been developed in depth, and the circles of economic and trade cooperation are expanded and upgraded. "The trend and foreign trade infrastructure continued to improve, the domestic regional layout is more reasonable, and the gradient transfer of processing trade in the central and western regions has achieved remarkable results. After joining the WTO, my country's foreign trading partners have become more diversified, the ability to resist risks for foreign economies has increased significantly, and the scope of opening up is greatly widened. After the "Belt and Road" initiative was proposed in 2013, the new land and sea channels, the free trade pilot zone, and the bonded area accelerated the layout. The border trade has developed rapidly. The new pattern of Jiji opens to the outside world is gradually formed. In particular, the China -Europe trains have been built into an international trade channel that runs through the Europeania. As of the end of October 2021, the China -Europe trains have paved 73 running routes and reached 175 cities in 23 European countries. List. The China -Europe Class has opened a new channel for China International Trade. It has created a batch of powerful multi -type link base bases around the China -Europe trains, which significantly enhances the logistics hub capabilities in the central and western regions. Commodity circulation channels in the central and western regions have expanded, the proportion of import and export trade in the country has continued to increase, and the potential of attracting foreign capital has gradually released, further optimizing the open space layout of my country's domestic regions. From 2001 to 2020, the total import and export trade in the central and western regions accounted for 11 percentage points in the country. In the first three quarters of 2021, the total imports and exports in the central and western regions increased by 27.2%, 4.5 percentage points higher than the overall growth rate of my country's foreign trade during the same period, accounting for 17.5%of my country's total foreign trade import and export value.

Sixth, from passive integration to globalization to gradually leading the new type of globalization.

In the process of promoting the development of globalization, my country has moved from the edge to the center of the world economic stage, especially with high -quality co -construction of the “Belt and Road” as a platform to promote the establishment of a community of human destiny and turn China's development opportunities into the world's development opportunities. Increasing the well -being of the global people and strongly promoting global economic growth, it has become the main stabilizer and power source of the world economy.

China actively builds a multilateral dialogue and cooperation platform, actively participates in international and regional affairs, and conducts foreign aid, and has made outstanding contributions to maintaining world peace and development and improving the development conditions of developing countries. The exploration of China's open roads proves that a country must unswervingly "take its own road", boosted confidence in independent development of developing countries, and provides valuable for more developing countries to explore open development and national strong people's wealth. Experience draws and contributes unique "Chinese wisdom".

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