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China and the World in the New Era

China Daily | Updated: 2019-09-28 10:27

2. China is developing through interaction with the world

China is a part of the world, and China's development is closely related to the rest of the world. In the early days after the founding of the PRC, China made great efforts to break an external blockade, actively conducting economic, trade and cultural exchanges with other countries. Since reform and opening up in 1978, following the trend of globalization and promoting opening up as a fundamental state policy, China has been seeking development with its door open. China has embraced the world, learned from the world, and contributed to the world, through positive interaction and shared development.

"Bringing in" on a large scale. Its door open, China is full of vigor. The international community takes an optimistic view of China. More and more countries are establishing cooperation with China; more and more foreign enterprises are injecting investments and starting businesses in China; more and more foreigners are coming to study, work and travel in China. From 1978 to 2018, China attracted a total of more than US$2 trillion in non-financial FDI, and nearly 1 million foreign-invested enterprises were set up in the country. In 2018, almost half a million foreign students came to study in China. Since its accession to the WTO in 2001, China's participation in economic globalization has delivered more substantial and speedy outcomes (see Box 2). From 2001 to 2018, China's imports of goods increased from US$244 billion to US$2.1 trillion. The rise was 13.6 percent per annum on average, 6.8 percentage points higher than the global average. China's imports of services increased from US$39.3 billion to US$525 billion, up by a yearly average of 16.5 percent and accounting for 9.4 percent of the global total.

Box 2 China's Position as a Trading Power Increasingly Strengthened

From 1978 to 2018, China's total imports and exports of goods increased by a factor of 223, and its total imports and exports of services increased by a factor of 147. By November 2018, China had trade relations with more than 230 countries and regions. It had signed 17 free trade agreements with 25 countries and regions, and joined almost all major international economic and financial organizations and multilateral economic mechanisms. According to WTO statistics, in 2017 China's share of the world's total imports and exports of goods were 10.2 percent and 12.8 percent; in 2018, the two figures were 10.8 percent and 12.8 percent. From 2001 to 2018, the two figures grew by a yearly average of 13.8 percent. The above figures confirm that China's position as the world's largest trader in goods has been further consolidated.

"Going out" in great strides. From economic and trade investment to cultural exchanges, from government cooperation to people-to-people exchanges, China has been conducting all-dimensional, wide-ranging and multi-level exchanges and cooperation with other countries, going global faster, further, and more extensively than ever before. China's foreign investment and cooperation has seen sound and sustained improvement in quality and scale. In 2018, China's overseas investment reached US$143 billion, up by a factor of 53 since 2002, a yearly average growth of 28.2 percent. China's foreign trade has been growing year by year. From 1978 to 2018, China's foreign trade amounted to US$52.2 trillion; in 2018, China's exports of goods were US$2.5 trillion and its exports of services US$267 billion. In recent years, China has maintained its position as the world's largest source of overseas tourists; in 2018, Chinese outbound tourists numbered nearly 150 million.

Developing the country while benefiting the world. Opening up has brought funds, advanced technologies and managerial experience to China, changed the mindset of the Chinese people and boosted their creativity, and helped China to modernize. At the same time, China's opening up has provided a broad market for other countries. The opening of China's investment and service trade has facilitated local economic growth and employment in the countries concerned. China has been an active participant in the international division of labor, resulting in more rational global resource allocation. China's high-quality exports have met international market demand, reduced living costs in recipient countries, and relieved their inflationary pressure. The Chinese people now travel all over the world, which has greatly enriched cultural exchanges and mutual learning between China and other countries.

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