Vice FM affirms China's commitment to opening up

Vice-Foreign Minister Xie Feng on Wednesday denounced acts that undermine normal development of the world economy and the security of global supply chains while reiterating China's firm determination to opening up.

"China is a most resolute advocate and committed to opening up," Xie said at an event hosted by the Department of Foreign Affairs Management of Foreign Ministry and attended by ambassadors and other high-level representatives from over 60 countries.

Xie delivered a brief on the just-concluded 20th National Congress of the Communist Party of China to foreign guests, saying China is speeding up efforts to forge the new development paradigm and pursue high-quality development, which would generate new opportunities for the world.

"Opening up should be two-way and cooperation should feature mutual benefits," Xie said.

He added certain countries were obsessed with forging small circles, clamoring for the decoupling and cutting of supply chains and building small yards with high fences to contain and suppress China, saying such moves would not succeed.

Xie also dismissed claims China is closing its door or backpedaling, saying China would only open its door wider and China's business and investment environment would only change for the better.

He reiterated the fundamentals of China's economy feature strong resilience, enormous potential, ample room for policy adjustments and long term stability and will remain unchanged.

According to Xie, China has built 21 pilot free trade zones and the Hainan free trade port. The items on the negative list for foreign investment were cut from 190 to 27. The China International Import Expo which has been held four times produced intended deals worth over $270 billion.

Xie also noted China would import $24 trillion worth of goods in the next 15 years. "China stands ready to work with all countries to deepen cooperation and pursue win-win outcomes to jointly create a brighter future for all," he vowed.

Xie said he thought highly of the role of State-owned enterprises with CITIC Group Corporation included, saying they are the pioneering and major forces that lead China's opening up and are important bonds that connect China and the world.

Foreign ambassadors said CITIC Group, as one of China's largest conglomerates, plays an important role in promoting China's development and serves as a testament to China's pursuit of high-quality development.

They also hoped the company could share its experiences as well as explore and create more opportunities of cooperation with their countries.

Founded in 1979, CITIC Group is currently investing and operating in over 150 countries and regions, and leads various business sectors including aluminum automotive components and industrial equipment manufacturing.