Thursday

1st Jun 2023

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An open China is a window of opportunity for Europe and world

  • Cao Zhongming, Chinese ambassador to Belgium, with Belgium's environment minister Zakia Khattabi (Photo: Twitter)

In a video dialogue with European entrepreneurs, premier Li Keqiang recently said that China will make greater efforts to improve its business environment, institute measures promoting fair competition, and give full play to the vitality of all market players including foreign companies.

At the same time, China's new development plan will move the country towards realising its international commitments for combating climate change, accelerate its transition of energy structure and the overall green transformation of the economy and society.

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Green technology, digital economy and smart manufacturing will become new growth areas for cooperation between Chinese and European companies.

European companies with technological advantages will have an enhanced 'sense of gain' from China's green development.

The Covid-19 pandemic remains the biggest challenge facing the world economy.

Openness, inclusiveness, and cooperation give confidence and drive for all countries to jointly overcome the difficult times.

The choice of major countries between opening up and closing off, cooperation and confrontation, has a bearing on the future of the world and all humanity.

Following through with the initiative of building a community with a shared future for mankind, China will take the lead in opening up.

European and world companies including Belgian companies are welcomed to share the new dividends of China's development and new opportunities of China's open market. This sends a signal of ever-growing China-Belgium and China-EU economic ties.

China's steady development will provide the world with a larger and more in-depth market, as well as a better business environment. Enterprises from all over the world are welcomed to come on board.

In 2020, Chinese economy grew by 2.3 percent as the country effectively kept Covid-19 under control.

The steady development of the Chinese economy and the accelerated pace of opening up have turned into huge opportunities for Europe and the world.

Belgian-China trade

Taking Belgium as an example, in 2020, bilateral trade between China and Belgium registered $28.597bn. Belgian exports to China increased by 14.2 percent against a contracting world economy.

This shows the Chinese market helps boost China-Belgium and China-EU pragmatic cooperation, and China's development brings opportunities to Belgium and Europe. This is also favourable to the economic recovery of Belgium and Europe under the impact of the epidemic.

China will take greater strides in opening up to promote mutually beneficial cooperation with Europe and the world.

China will stay committed to globalisation, and the fundamental national policy of opening up and the win-win strategy of opening-up.

China's opening-up has also been warmly welcomed by the European business community, which commends the completion of the China-EU investment treaty negotiations by the end of 2020 and looks forward to its early implementation.

European entrepreneurs have full confidence in China's economic prospects and consumption potential, and many hope to further increase their investment in the Chinese market.

A recent survey of German companies in China shows that 96 percent wish to maintain their footing in the Chinese market, and 72 percent are prepared to expand investment.

As of November 2020, two-way investments between China and the EU have reached $80bn and $117.98bn respectively. It is believed that in the future, driven by the investment treaty and converging business interests, China and the EU will further explore potential for win-win cooperation.

Not long ago, president Xi Jinping spoke at the World Economic Forum's "Davos Agenda" session and called for the world to join hands in building an open world economy, safeguarding the multilateral trade system, and work for the world economy to achieve higher-quality and more resilient growth.

The development of the Chinese economy over the past 40 years has also been a process of greater alignment, connection, and integration with the world economy.

History has proved that only continuous opening up and sharing opportunities are the way to development.

China is ready to work with the European side following the principles of open cooperation, multilateralism, and dialogue and consultation, to jointly promote the converging of our shared economic interests, seek stronger and more sustainable common development, and shoulder our due responsibility for and contribute to tackling global challenges including fighting Covid-19 and promoting economic recovery.

Author bio

Cao Zhongming is Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the Kingdom of Belgium.

Disclaimer

This article is sponsored by a third party. All opinions in this article reflect the views of the author and not of EUobserver.

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