China to share its economic dividends with international community

BEIJING: China on Friday announced that it will share its economic dividends with the World community, under its opening up drive. China's political sessions have sent a clear message to the world that the country will continue to deepen reforms in various fields. A more open China will play a more important role on the world stage.

Forty years ago, late Chinese leader Deng Xiaoping opened the curtains on China's reform and opening up drive. Huge changes have taken place since then. The country is now in a race to further deepen reforms with its doors expected to open even wider to the world.

China's economy has grown rapidly since then, becoming the world's second-largest and an engine of world economy, and contributing more than 30 percent of global growth. This year, the government set its GDP growth target at around 6.5 percent. To achieve this goal, a wide open Chinese market is expected, allowing China to attract more foreign investors as well as to better integrate with the international market.

China will open its doors wider to foreign investors and further liberalize and facilitate trade and investment, said Premier Li Keqiang, when delivering a government work report at the ongoing first session of the 13th National People's Congress.

China will expand imports and lower import tariffs this year. The first China International Import Expo in November will bring more foreign goods to China. Reform and opening up from the late 1970s resulted in the rise of the eastern and coastal areas of China, while deepened reforms today will spread to the central and western regions to ultimately achieve common prosperity for everyone.

As the sluggish recovery of the global economy continues, China's persistent deepening of economic reforms will enhance its role as the driving force and stabiliser of the world economy, said Jiang Yuechun, an analyst with the China Institute of International Studies.

In the political field, China has also shown its determination to deepen reforms. The State Council unveiled a massive Cabinet restructuring plan on Tuesday, which was submitted to the NPC first session for review, pending approval.

If passed, the Cabinet would have 15 fewer entities at the ministerial or vice-ministerial levels. The move will make the government better structured, more efficient, and service-oriented. On Sunday, the national legislature adopted a constitutional amendment, which was the first amendment to the country's fundamental law in 14 years. China will also advance institutional social reforms this year, covering old-age pensions, public hospitals and healthcare.