Free trade port to take the lead in multiple opening good intensive release

The 86th international forum on China's reform, with the theme of "high-level opening up of China and the world", was held in haikou on April 15. Reporters from Economic Information Daily learned at the forum that In the next step, China will take the development of free trade ports and other open areas as the lead, strengthen the ability to align international rules, step up reform in key areas such as finance and service trade, and further relax market access. The analysis points out that with the launch of a series of opening up measures, the construction of a new system of a higher-level open economy will accelerate, the new development pattern will also be vigorously promoted, and the dividends of opening up the huge domestic demand market will benefit the domestic and foreign economies.

The free trade port will lead the development of opening up highlands

"To build a new pattern of development, we must continue to comprehensively deepen reform and implement high-level opening up." Xie fuzhan, dean of the Chinese Academy of Social Sciences in the BBS speech pointed out that the construction of a new development pattern in our country is a long-term strategy, through the right positioning of the new development pattern, give full play to the high level open platform first trial function, the free trade port in hainan construction will be promising in the insist on expanding domestic demand, in order to expand the service "in the high level and opening up, in the construction of the international first-class talent highland.

The signal of promoting the construction of free trade ports has been released intensively. The 14th five-year Plan proposes to steadily promote the construction of a free trade port in Hainan and build it into a new height for opening-up. Then, on the third China international import expo, China announced it would effectively play a leading role experimental zone, free trade, free trade port, a negative list, cross-border trade in services in the field of digital economy, such as the Internet continues to expand and opening up, work hard to trade and investment liberalization and facilitation reform and innovation, to promote the construction of a new higher level of the open economy system.

Shen Danyang, vice governor of the people's government of hainan province, according to the construction of free trade port in hainan province, are two of the CPC Central Committee as a whole the domestic and international situation, based on the current, focus on the future, after appraising the historic strategy, aims to build hainan become the frontier in the depth into the global economy, a new era of China's opening to the outside world bright flags and important open the portal.

Shen danyang said that since the release of the Overall Plan for the construction of Hainan Free Trade Port, Hainan has paid close attention to the implementation of various free trade port policies and achieved preliminary results. First, we will vigorously promote six liberalization and facilitation. Second, implement competitive tax policies; Third, make every effort to create a world-class business environment. Fourth, to provide a reliable legal guarantee for investors.

Chi Fulin, President of the China (Hainan) Research Institute for Reform and Development, pointed out that the Shenzhen Special Economic Zone, the Free Trade Port, the pilot free trade zone and the Guangdong-Hong Kong-Macao Greater Bay Area are the "experimental fields" for China to build a new system of a higher-level open economy. We should grant them greater autonomy in reform and opening up and take the lead in benchmarking international high-level economic and trade rules.

Greater breakthroughs are brewing in the financial sector

Experts say that economic globalization, to a large extent, is the result of global capital flows, and financial opening plays an increasingly important role in economic opening.

Since 2018, China has announced more than 50 financial liberalization measures, completely abolishing restrictions on foreign shares in Banks, securities, funds, futures, life insurance and other sectors, greatly relaxing business scope restrictions, and completely abolishing restrictions on QFII and RQFII investment quotas, said Wang Fanghong, a senior researcher with the Bank of China's Hainan Finance Research Institute. At present, in the negative list of foreign investment access in China, the financial sector restrictions have been reduced to zero.

In the future, a wider range and a higher level of financial openness can be expected. Yi Gang, governor of the People's Bank of China, said at the second Bund Financial Summit that China will continue to open up its financial sector and create a market-oriented and law-based environment for international financial exhibition. We will fully implement the management system of pre-establishment national treatment plus a negative list, and change the concept and model of opening-up. Going forward, we will coordinate efforts to open up the financial services sector, reform the RMB exchange rate formation mechanism and internationalize the RMB.

The Hainan Free Trade Port will also focus on financial opening up. Fu Pingjiang, party secretary and director general of Hainan Banking and Insurance Regulatory Bureau, said recently that expanding opening-up and enriching hainan's financial industry is an important part of steadily promoting hainan's construction of a free trade port and building a new highland for opening-up. Hainan silver protects inspect bureau will actively introduce foreign Banks, foreign capital insurance company, actively attract qualified powerful investment main body set up in hainan property companies, life insurance companies, financial institutions, gradually promoting liberalization and facilitation of cross-border capital flows, and promote the construction and adapt to the free trade port in hainan internationally competitive modern financial system.

Wang Said that hainan FREE Trade Port, as the frontier of opening up "inside and outside China", should strengthen its ability to connect international rules on the basis of opening up practice and market demand, give full play to the role of hainan Free trade Port as a pilot field, and carry out financial opening system innovation.

Building a new structure will unleash more dividends

At the Forum, guests expressed that, with the development of free trade ports and other opening up hotspots as the guide, greater progress will be made in key areas of reform and opening up, international and domestic markets and resources will be better connected, and a new pattern of double circulation will take shape at a faster pace. On this basis, the potential of China's super-large domestic demand market will provide greater space for high-quality domestic development and inject more positive energy into economic globalization.

In the view of Ban Ki-moon, former SECRETARY-GENERAL of the United Nations and chairman of the Boao Forum for Asia, China's high-level opening-up is crucial to economic globalization and plays an important role in the international community's cooperation in the joint response to the epidemic, in promoting world economic recovery, in upholding multilateralism and promoting global free trade.

Chi Fulin said that as China enters a new stage of development, the environment and conditions for opening up have undergone new changes, and China's high-level opening-up has taken on historic new features. Among them, expanding domestic demand plays an important role in guiding high-level opening-up. According to preliminary estimates, the new domestic demand at the level of 100 trillion yuan will lay an important foundation for China's economic growth of 4-5% in the next five to 15 years. In the next five to 10 years, China's contribution to global economic growth is expected to remain at around 25% to 30%.

As for the future direction of opening-up, Chi fulin suggested that high-level opening-up should be promoted with the focus on the opening up of the service sector and the development of trade in services. The 14th five-year Plan calls for simultaneous progress in the opening up of trade in services in the areas of consumer and producer services, and aims to raise the proportion of trade in services to over 20% of total foreign trade by 2025, from 14.6% at present. To adapt to the process of building an innovative country, we need to significantly increase the proportion of knowledge-intensive service trade in service trade.

Sun Yongfu, former director-general of the European Department of the Ministry of Commerce, pointed out that the next step is to continue to open up trade and investment in services. The china-eu Investment Agreement is a very important window of opportunity and a symbolic and important opening up step for China.

Chi Fulin believes that China's adherence to a high level of domestic demand-oriented opening-up will not only effectively unleash the potential of the super-large market of 1.4 billion people, but also help the world share the Chinese market. It will not only help China achieve high-quality development, but also have an important impact on the world economic recovery under the impact of the epidemic. It will not only help China promote in-depth market-oriented reform through high-level opening-up, but also help the world share in the dividends of China's all-round deepening of reform and opening-up.