China to boost higher-level opening-up for more win-win outcomes: Premier Li

Chinese Premier Li Keqiang holds the fifth "1+6" Roundtable with leaders of six major international economic institutions via video link, in Beijing, on Nov. 24, 2020. (Xinhua/Huang Jingwen)

Chinese Premier Li Keqiang Tuesday said China will promote higher-standard opening-up, attract more foreign investment, and encourage more Chinese companies to go global, so as to achieve more win-win outcomes.

Li made the remarks at the fifth "1+6" Roundtable which was held via video link and attended by World Bank Group President David Malpass, International Monetary Fund Managing Director Kristalina Georgieva, World Trade Organization Deputy Director-General Alan Wolff, International Labor Organization Director-General Guy Ryder, Organization for Economic Cooperation and Development Secretary-General Angel Gurria and Financial Stability Board Chairman Randal Quarles.

Li pointed out that facing the severe shocks of COVID-19, China has coordinated epidemic containment and economic and social development and kept employment and the economic fundamentals stable. "The Chinese economy is set to achieve overall positive growth for the whole year, which is a hard-won achievement."

Li attributed the steady recovery of the Chinese economy to the series of policies China implemented to provide relief to market entities. He said by supporting market entities, China will be able to sustain employment, which in turn will generate income and spur consumption necessary for bolstering economic growth.

Li also attributed the steady recovery of the Chinese economy to parallel efforts to advance reform and opening-up, which energized market entities and unleashed the internal dynamism of the economy.

"In the face of the pandemic, the strong resilience displayed by the 100 million plus market entities in China and the Chinese people have provided the strongest underpinning of our economic fundamentals and the biggest source of confidence for China in meeting difficulties and challenges ahead," he said.

The steady recovery of the Chinese economy is also attributable to China's massive domestic market, Li said. "As a large economy, China's biggest strength is its enormous domestic market."

Li said China never goes after trade surplus, adding the country puts equal emphasis on import and export, and has been actively expanding the import of quality goods and services, with a view to better meeting the needs for industrial and consumption upgrade.

Li said in the 14th Five-Year Plan period, China will continue to innovate and improve macroeconomic regulation, ensure its policies are consistent, effective and sustainable, and accelerate the building of a world-class, market-based business environment governed by a sound legal framework.

China will promote higher-standard opening-up, strengthen intellectual property right protection, encourage fair competition among domestic and foreign businesses, attract more foreign investment, and encourage more Chinese companies to go global, so as to achieve more win-win outcomes, Li said.

Li highlighted the need for the international community to meet the challenges in solidarity and cooperation. He called on all parties to uphold multilateralism and free trade and facilitate the improvement of the international economic governance system.

China welcomes the conclusion and signing of the Regional Comprehensive Economic Partnership (RCEP) and will work with all parties in the spirit of partnership and join hands to build an open world economy.

Leaders of the six major international economic institutions spoke positively about China's notable achievements in fighting COVID-19. They pointed out that China, with its robust economic reopening and strong recovery, will be the only major economy to realize positive growth this year.

China's renewed growth will help underpin global recovery and boost global confidence in defeating the virus, they said.

The leaders made positive comments on China's active contribution to alleviating poverty, tackling climate change, and promoting trade and investment liberalization and facilitation.

In the face of COVID-19 and economic challenges, the leaders called on all countries to step up macroeconomic policy coordination and work together for global recovery in the post-COVID-19 era.

Committed to their ties and cooperation with China, the leaders expressed their readiness to work with China to deepen cooperation in finance, employment, poverty reduction and debt relief, jointly support multilateralism and promote development and prosperity of the world.

Premier Li met with the press with the leaders of the six major international economic institutions after the Roundtable.

China will strengthen cooperation with major international organizations in wider areas and greater depth, and support them in continuing to play their vital roles in the global governance system in a common endeavor to advance global development and promote the wellbeing of people across the world.

Li said China remains the biggest developing country in the world, and that development is still the foundation and key to solving all challenges facing the country.

The Chinese economy is deeply integrated into the world economy, Li said, adding while working to expand domestic demand, China will open up even wider and share its opportunities with the world.