China Commits to Supporting Open Global Economy and Expanding Trade

Afaf Fahchouch
Afaf Fahchouch
4 Min Read
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Chinese President Xi Jinping announced that China will be backing the creation of an open global economy. This statement comes as China’s trade in goods and services is expected to exceed $32 trillion and $5 trillion, respectively, in the period between 2024 and 2028.

During the opening ceremony of the third Belt and Road Forum for International Cooperation in Beijing, President Xi outlined several initiatives aimed at promoting global economic collaboration. These initiatives include establishing pilot areas for e-commerce cooperation along the Silk Road, signing free trade agreements, and investment protection treaties with more countries.

Xi also emphasized that China will remove all restrictions on foreign investment in the manufacturing sector. Efforts will be made to further enhance cross-border trade in services, expand digital product access to the market, and deepen reforms in areas such as state-owned enterprises, digital economy, intellectual property, and government procurement. Additionally, China plans to host an annual global digital trade expo.

Moreover, President Xi pledged to provide more financial support through market-based and commercial operations for Belt and Road projects. The China Development Bank and China Exim Bank will each establish a financing window of 350 billion yuan (about $48.75 billion), with an additional 80 billion yuan allocated to the Silk Road Fund.

China aims to implement 1,000 small-scale projects to support livelihoods and boost vocational education through initiatives like the Lu Ban Workshop. President Xi emphasized the need for extra efforts to ensure the success of Belt and Road projects.

The sideline CEO conference during the forum witnessed the signing of agreements worth $97.2 billion.

President Xi noted that China has become a major trading partner for over 140 countries and regions, as well as a significant source of investment for many nations. This has fostered friendship, cooperation, trust, and hope in international relationships.

China will work with partner countries on Belt and Road projects, collaborating on various platforms that encompass energy, taxation, finance, green development, disaster reduction, anti-corruption, research centers, media, culture, and more.

In the ecological realm, China will continue to deepen cooperation in green infrastructure, green energy, and green transportation, while further supporting the International Green Development Coalition for the Belt and Road Initiative.

In the field of innovation, Xi mentioned that China will continue implementing the Belt and Road Science, Technology, and Innovation Cooperation Action Plan. The first Belt and Road conference on science and technology exchanges is scheduled to take place.

The Belt and Road Initiative, launched by China ten years ago, serves as a comprehensive strategy to develop infrastructure and connect Asia to Africa and Europe through land and maritime routes.

For China, the tenth anniversary of the Belt and Road Initiative is a significant milestone and offers a vital platform for all parties to discuss and develop high-quality cooperation under the Belt and Road framework.


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