China’s high-level opening-up will have a significant impact on the world, and foreign investors can expect massive opportunities emerging from China in the coming years, according to a scholar, reports BSS/XINHUA.
“China’s development can greatly support the recovery of the world economy, especially in the current situation affected by the pandemic,” said Yu Xiong, a professor from the Surrey Business School of the University of Surrey in Britain.
“This can bring new hope and confidence to the world,” he added.
His remarks came as a key event on China’s political calendar, the annual sessions of the country’s top legislature and political advisory body, known as the “two sessions,” is taking place in Beijing. “During the pandemic, many countries could not easily recover by themselves. They need some other engines to give them a hand. That’s why new hope is vital for countries to fight the crisis during and after the pandemic,” Xiong said. He believed that “high-level opening-up, business environment improvements and innovation driven development” will be among China’s top priorities in the coming years.
Noting that China is working to build up a new development paradigm of “dual circulation,” where domestic and overseas markets reinforce each other, with the domestic market as the mainstay, Xiong said it will not only affect China’s economic structure, but also bring bold opportunities for a world economic recovery.
“China’s approach of economic development will shed light to many other countries on how to thrive in the future,” he said.
The scholar was also impressed by China’s efforts to improve the business environment, saying in this respect, “China is adopting more and more new innovative policies.”
“China not only supports domestic businesses, but also … wants to open the door wider to business communities across the world,” he said.
“In summary, we have witnessed the apparent improvement of institutional systems, simplified administration, boosted regulation and law enforcement. All those aspects have been transforming China into a high level open market,” Xiong said.