China is ready to embark on another significant round of market opening-up, with continuous measures in place to welcome foreign companies and technologies, said an economist at China's prestigious Tsinghua University.
During an interview with China Global Television Network (CGTN), Li Daokui, director of the university's Academic Center for Chinese Economic Practice and Thinking, highlighted the China International Import Expo (CIIE) is a clear example of the country's commitment to expanding openness.
"China is completely ready to open its doors to foreign companies, foreign technologies. So, we are wide open. We are more than ever ready to open up. So, this is absolutely the direction of change. China is the only economy in the world to have consistently the import expo. In other words, to promote imports -- it's very rare. You have export expo, that's very common. But import expo, this is very rare," said Li.
The CIIE, launched in 2018 as the world's first national-level expo dedicated to imports, is designed to expand China's opening up and turn its vast market into a shared opportunity for the world.
The just-concluded 8th CIIE, which took place in Shanghai from Nov 5 to 10, saw new highs in participation numbers, exhibition space and transaction value, confirming its massive scale and impact.
Li also underscored China's efforts to develop south China's island province of Hainan into a large-scale and world-class free trade port.
"That's why Hainan Province will become an independent and separate customs region, much like Hong Kong, much like Macao. So, Hainan will become a very open mini sub-economy of China. And gradually between Hainan Province and the rest of the Chinese economy, the border control will be -- of course right now very tight, very strict -- gradually lifted so that Hainan will become a catalyst of opening-up and reform for the whole Chinese economy," he said.
In June 2020, China released a master plan to build Hainan into a globally influential, high-level free trade port by the middle of the century.
Following years of efforts to enhance the local tourism and shopping sectors, Hainan now boasts 12 offshore duty-free stores.
China "more than ever ready" to open up its markets: economist
