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June 3, 2020

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China firm to open up despite COVID-19

Source: Xinhua | 00:00 UTC+8 June 3, 2020 | Print Edition

At this critical juncture when the COVID-19 pandemic is still ravaging the globe, China is opening its door wider to the world instead of trying to close it.

China on Monday announced it will build its island province of Hainan into a free trade port, a move that demonstrates the resolve to contribute to a stable world economy by continuing to advance reform and opening-up, widen market access, improve the business environment and expand imports and outbound investment.

By building a free trade port, Hainan will implement zero tariffs and low taxes, simplify the tax system, and offer special policies in trade, investment, capital flow, visa and entry, transportation, and flow of data, thus becoming a new hub for reform and opening-up in China.

It will bring tremendous opportunities to countries across the world. Global companies, either multinationals or small and medium ones, can tap into the Chinese market or expand their market shares in China through Hainan free trade port.

Import expo in Shanghai

As the coronavirus pandemic continues to deal a body blow to the global economy, it’s not easy to overcome external challenges to start development of a free trade port. However, China never wavers in its determination to further open up, and always goes all out to fulfill its promise.

China advocates building a community with a shared future for humanity. No country can isolate itself from the interconnected world. To bolster wider opening-up is what China says and what China does, as always.

For instance, the China International Import Expo, the world’s first national-level exhibition dedicated to import, will be held for the third year in Shanghai. More than 1,400 companies have signed up. More countries and overseas companies are sharing China’s large cake of the market.

The construction of a free trade port in Hainan is not only China’s latest move to expand opening-up, but also comes as a confidence booster to the world which is facing economic recession and rising protectionism.

The pandemic will eventually be defeated by mankind, after which globalization is expected to accelerate.

The future lies in openness and win-win cooperation, and China is ready to embrace the world at a new level.

Opinion


 

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