Beijing promises to further open up economy at a faster pace

China’s top representative at the annual World Economic Forum in Davos, Switzerland, pledged that the country would push forward reforms and open up its economy at a faster pace.

Liu He, director of the General Office of the Central Leading Group for Financial and Economic Affairs and one of President Xi Jinping’s top economic advisors, told the Forum on 24 January that China will continue to let the market play a decisive role in resource allocation, as well as providing better protection of property rights, especially intellectual property rights.

Liu said that “some measures will exceed the expectations of the international community”, and noted that the reforms will celebrate the 40th anniversary of China’s reform and opening up policy.

China will open its market wider to the world across the board, he said. There will be further integration with international trade rules and easier market access. The market will see more opening in the services and financial sector, and a more attractive investment environment will be created, Liu said.

The Belt and Road initiative is an idea that will deliver opportunities and benefits to the whole world. Better physical and people-to-people connectivity, he said, will generate effective demand worldwide and sustain the momentum of the global economic recovery.

Liu noted that China remains a developing country despite its economic progress but stressed that China is a force for world peace, development and international order. Liu also said that within three years, China would substantially scale up pollution control and have financial risks under control.

If you are interested in increasing your understanding of the China market and the potential opportunities for your brand, online or offline, please contact Mark Ray at Sovereign’s Shanghai office.

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