Institutional opening-up for global integration

JIN DING/CHINA DAILY China was the world's largest exporter and second-largest recipient of foreign direct investment in 2023, marking a milestone in its opening-up policy. To further integrate into the global economy and contribute more meaningfully to global development, the recent third plenary session of the 20th Central Committee of the Communist Party of China outlined five key areas for the next phase of opening-up: steadily expanding institutional opening-up, deepening foreign trade structural reform, further reforming the management systems for inward and outward investment, optimizing the layout for regional opening-up, and refining the mechanisms for high-quality cooperation under the Belt and Road Initiative. Institutional opening-up focuses on the alignment and coordination of rules, standards, and systems, helping optimize the domestic business environment, improve economic efficiency, and provide robust institutional support for China's foreign trade, investment and economic cooperation. By deepening institutional opening-up, China can strengthen cooperation with other countries, and help integrate and optimize the global supply chains, contributing to global economic stability and fostering shared prosperity. By deepening institutional opening-up, China aims to influence global economic governance and contribute to the creation of a fairer international economic order.