Developing New Institutions for A Higher-standard Open Economy through Expanding Institutional Opening Up
Compared to the openness characterized by the movement of goods and factors,institutional opening up represents a higher level of openness.The expansion of institutional opening up is central to the development of new institutions for a higher-stand-ard open economy.Since the Third Plenary Session of the 18th Central Committee of the Communist Party of China,China has actively constructed pilot free trade zones and the Hainan free trade port,significantly relaxed foreign investment access,provided various international public goods,and built a global network of high-standard free trade areas.These measures represent useful explorations and significant practices in institutional open-ing up,thereby gathering valuable experience.In a world undergoing major changes un-seen in a century,improving institutions for an open economy faces new challenges such as the slowdown of economic globalization,the rise of trade protectionism,profound im-pacts of the public health incident,geopolitical conflicts,and fragmentation of internation-al economic and trade rules.However,there are also new opportunities stemming from China's robust economic recovery,rapid development of new quality productive forces,and increased participation in global governance.These factors provide strategic opportuni-ties to effectively address risks and challenges while advancing new institutions for a high-er-standard open economy.It is vital to continue steadily expanding institutional opening up,as outlined in the Third Plenary Session of the 20th Central Committee of the Commu-nist Party of China.This necessitates a more proactive alignment with high-standard inter-national economic and trade rules,thereby creating a transparent,stable,and predictable institutional environment.There should be an expansion of independent opening up and a unilateral openness to the least developed countries.More active participation in the re-form of global economic governance is essential,alongside the provision of more global public goods.Furthermore,efforts should focus on expanding a globally oriented network of high-standard free trade areas and optimizing the environment for opening up and coop-eration.
Institutional Opening UpNew Institutions for A Higher-standard Open EconomyDirection of Efforts
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