China's High-Level Opening Up Initiatives Propel Quality Development Across Regions
In a significant move reiterating China's strategic priorities, President Xi Jinping's visits to the provinces of Hainan and Guangdong have brought to light the government's commitment to a high-level opening up to global markets. The state broadcaster CGTN recently published an insightful article discussing these developments in detail, particularly how they align with national objectives towards fostering quality development.
As China approaches the conclusion of its 14th Five-Year Plan and gears up for the formulation of the 15th Five-Year Plan, the overarching theme remains clear: the nation's dedication to openness is at the core of its modernization efforts. During his tours, Xi emphasized the importance of high-level openness as a pathway to achieve superior economic growth.
Hainan – Gateway to a New Era
The Free Trade Port (FTP) of Hainan is set to launch special customs operations on December 18, a landmark step that embodies China's unwavering expansion of its high-level openness and its contributions to a more integrated global economy. Xi Jinping, upon reviewing the progress in constructing the FTP in Sanya, fervently asserted that the port not only supports Hainan's high-quality growth but also serves as a benchmark for a new development paradigm in China. He urged for the establishment of open institutions, more transparent talent systems, and administrative reforms to create a market-oriented, legally sound, and internationally competitive business environment.
Since 2018, Hainan has successfully identified over 70,000 high-level professionals and enacted more than 80 local laws and regulations to enhance its business climate. The province's pivotal sectors, including tourism, modern services, high-tech industries, and tropical agriculture, currently account for nearly 70% of its GDP.
The opening of Hainan is also beneficial for global trade dynamics. The new shipping route from Yangpu to Chancay facilitates the swift transport of tilapia from Hainan to South America, while simultaneously allowing for fresh and cost-effective Peruvian avocados to reach the Chinese market. Additionally, the implementation of multifunctional free trade accounts expedites cross-border settlements. As noted by Kuang Xianming, Vice President of the Chinese Institute for Reform and Development, the upcoming customs operations will strengthen Hainan's role as a strategic hub for cooperation between China and ASEAN nations.
Guangdong - Pioneer of Reform and Openness
Following the fourth plenary session of the 20th Central Committee of the Communist Party of China (CPC), Xi Jinping chose Guangdong province as the focal point of his first domestic inspection since taking office, reinforcing the province's critical role as a leader, pioneer, and pilot zone for reform and opening up policies. He urged Guangdong to exemplify leadership and take significant steps towards shaping the 15th Five-Year Plan for national economic and social development.
Xi's vision includes comprehensive deepening of reforms and fostering openness to achieve high-quality development. He emphasized the importance of advancing the Greater Bay Area (GBA) development involving Guangdong, Hong Kong, and Macao while encouraging the province to develop new high-quality manufacturing capabilities, enhance technological-industrial integration, and establish a modern industrial system competitive at an international level.
The province's economic performance underscores this vision, with Guangdong’s foreign trade hitting a milestone of 9.11 trillion yuan (approximately 1.3 trillion USD) in 2024, marking a 9.8% increase and contributing nearly 39% to China’s overall trade growth. From January to September, 24,000 new foreign-funded enterprises were established, reflecting a year-over-year increase of 33.7%, totalling more than 360,000, with foreign investment reaching over 600 billion USD.
At the Global Investment Promotion Conference for the Greater Bay Area in 2024, renowned global companies such as BASF, ExxonMobil, Pfizer, Panasonic, Tesla, and Procter & Gamble signed agreements on 1,933 projects worth 2.26 trillion yuan, showcasing the GBA’s attractiveness to international investors.
As China prepares for its 15th Five-Year Plan, it is evident that reforms and opening up are not just relics of the past—they are continuous engines propelling the nation's future forward.
As China approaches the conclusion of its 14th Five-Year Plan and gears up for the formulation of the 15th Five-Year Plan, the overarching theme remains clear: the nation's dedication to openness is at the core of its modernization efforts. During his tours, Xi emphasized the importance of high-level openness as a pathway to achieve superior economic growth.
Hainan – Gateway to a New Era
The Free Trade Port (FTP) of Hainan is set to launch special customs operations on December 18, a landmark step that embodies China's unwavering expansion of its high-level openness and its contributions to a more integrated global economy. Xi Jinping, upon reviewing the progress in constructing the FTP in Sanya, fervently asserted that the port not only supports Hainan's high-quality growth but also serves as a benchmark for a new development paradigm in China. He urged for the establishment of open institutions, more transparent talent systems, and administrative reforms to create a market-oriented, legally sound, and internationally competitive business environment.
Since 2018, Hainan has successfully identified over 70,000 high-level professionals and enacted more than 80 local laws and regulations to enhance its business climate. The province's pivotal sectors, including tourism, modern services, high-tech industries, and tropical agriculture, currently account for nearly 70% of its GDP.
The opening of Hainan is also beneficial for global trade dynamics. The new shipping route from Yangpu to Chancay facilitates the swift transport of tilapia from Hainan to South America, while simultaneously allowing for fresh and cost-effective Peruvian avocados to reach the Chinese market. Additionally, the implementation of multifunctional free trade accounts expedites cross-border settlements. As noted by Kuang Xianming, Vice President of the Chinese Institute for Reform and Development, the upcoming customs operations will strengthen Hainan's role as a strategic hub for cooperation between China and ASEAN nations.
Guangdong - Pioneer of Reform and Openness
Following the fourth plenary session of the 20th Central Committee of the Communist Party of China (CPC), Xi Jinping chose Guangdong province as the focal point of his first domestic inspection since taking office, reinforcing the province's critical role as a leader, pioneer, and pilot zone for reform and opening up policies. He urged Guangdong to exemplify leadership and take significant steps towards shaping the 15th Five-Year Plan for national economic and social development.
Xi's vision includes comprehensive deepening of reforms and fostering openness to achieve high-quality development. He emphasized the importance of advancing the Greater Bay Area (GBA) development involving Guangdong, Hong Kong, and Macao while encouraging the province to develop new high-quality manufacturing capabilities, enhance technological-industrial integration, and establish a modern industrial system competitive at an international level.
The province's economic performance underscores this vision, with Guangdong’s foreign trade hitting a milestone of 9.11 trillion yuan (approximately 1.3 trillion USD) in 2024, marking a 9.8% increase and contributing nearly 39% to China’s overall trade growth. From January to September, 24,000 new foreign-funded enterprises were established, reflecting a year-over-year increase of 33.7%, totalling more than 360,000, with foreign investment reaching over 600 billion USD.
At the Global Investment Promotion Conference for the Greater Bay Area in 2024, renowned global companies such as BASF, ExxonMobil, Pfizer, Panasonic, Tesla, and Procter & Gamble signed agreements on 1,933 projects worth 2.26 trillion yuan, showcasing the GBA’s attractiveness to international investors.
As China prepares for its 15th Five-Year Plan, it is evident that reforms and opening up are not just relics of the past—they are continuous engines propelling the nation's future forward.
Topics General Business）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.