2025 marks the final lap of China's 14th Five-Year Plan (2021-2025). The mission? Build a bigger, deeper and more open economy that plays by new global rules. 🌍
Back in July, Commerce Minister Wang Wentao celebrated some wins: China's high-level opening-up has accelerated, and cooperation is booming with partners around the world.
Here's the breakdown of the big moves so far:
- Negative list slashed: Restricted sectors cut from 93 to just 29.
- Manufacturing unlocked: All remaining foreign investment curbs lifted.
- Service sector pilots: Value-added telecoms and biotech open in cities like Beijing and Shenzhen, with 13 foreign firms already approved.
- Zero-tariffs: Products from least developed and African nations enjoy duty-free access.
On the global stage, China's aligning with trade rules, from the WTO to RCEP:
• As a key RCEP member, China offers 92% tariff cuts to Singapore and plans to phase out tariffs on 86% of Japanese industrial goods. Agri imports from ASEAN could hit $150 billion over five years! 🤝
• In July, China announced zero-tariff treatment for 53 African countries—the first major economy to do so.
Looking ahead, as preparations kick off for the 15th Five-Year Plan, one thing's clear: an open Chinese economy isn't just fueling national growth—it's turbocharging global development. 🚀
Reference(s):
China's 14th Five-Year Plan: How opening up boosts the economy
cgtn.com
