What Is High Standard Openning Up:A Survey from the Perspective of Preventing Systemic Risk
The primary goal of high standard openning up is to meet the demand of high-quality economic growth in a new era.This paper seeks to explore the deep significance of high standard openning up through the lens of systemic risk pre-vention.This paper initially examines the distinctions between traditional and high standard openning up from the standpoint of mitigating systemic risk and identifying significant risks within economic and financial openness by a comprehensive review of extensive literature.Subsequently,the paper examines the ways in which systemic risk builds up and propagates across differ-ent sectors and industries,providing an in-depth analysis of the underlying mechanisms of their formation.Furthermore,this paper provides a detailed analysis of the specific risks that may arise in the pursuit of high standard openning up in China and proposes a range of targeted measures in response.The research underscores that preventing the buildup and spread of systemic risk is crucial for high standard openning up.From this viewpoint,the study introduces innovative indicators like added-value-based trade openness quality indicator and a general high standard openning up measure that balances benefits and risks.The first indicator enhances the weighting of sys-temically important industries,effectively reflecting the level of openness while simultaneously enabling real-time monitoring of systemic risk.The second metric constructs a composite measure of openness,anchored to various risk metrics,allowing for the targeted monitoring of specific risks alongside the evaluation of openness levels.In conclusion,the paper outlines significant challenges anticipated in enhancing high-level openness and offers three policy recommendations.Firstly,the quantitative benchmarks for high standard openning up are ambiguous,necessitating the development of systematic measurement indices.Secondly,the implementation of financial technology tools to create a layered risk management framework,balancing development and security.Thirdly,the enhancement of the national open industrial structure should include robust support for the development of cutting-edge industries aligned with long-term strategic objec-tives and the identification of systemically important industries to prevent the inter-industry accumulation and transmission of systemic risk.
High Standard Openning UpSystemic RiskDevelopment and SecurityTrade Openning Up QualityGeneral High Standard Openning Up Measure
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