Xi stresses to actively participate in WTO reform
Beijing, The Gulf Observer: Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, has stressed efforts to actively participate in the reform of the World Trade Organization (WTO) and improve the ability to handle high-level opening-up.
Xi made the remarks while presiding over a group study session of the Political Bureau of the CPC Central Committee on Wednesday.
Noting that the WTO is an important pillar of multilateralism and an important stage for global economic governance, Xi said it is a common consensus and a general trend to implement necessary reforms of the WTO.
He urged efforts to fully participate in WTO reform and adjustments of international economic and trade rules, while promoting deep-level reform and high-quality development with high-level opening-up.
Accession to WTO a ‘milestone’ for China
Since its accession to the WTO more than 20 years ago, China has become the world’s largest trader for goods and a major trading partner for over 140 countries and regions, contributing an average of nearly 30 percent to the world’s annual economic growth, Xi said.
Historical changes have taken place in the relationship between China and the WTO, he said, noting that the country has gradually grown from a passive recipient of and an active adapter to international economic and trade rules, to an important participant in this field.
Facts have proven that China’s decision to join the WTO has been a perfectly right one, as the accession has not only accelerated China’s own development but also benefited the rest of the world, Xi said.
As for participation in WTO reform, Xi called for firmly upholding the authority and efficacy of multilateral trading system with the WTO at the core, and actively promoting the restoration of the normal operation of the WTO dispute settlement mechanism.
He stressed the need to stick to the overall trend of economic globalization, champion free trade and true multilateralism, oppose unilateralism and protectionism, oppose politicizing, weaponizing and overstretching the concept of national security on economic and trade issues, and build an open world economy.
He also stressed improving the Chinese solutions in the country’s extensive and in-depth participation in WTO reform while upholding the concept of a global community of shared future, as well as firmly protecting the legitimate interests of developing countries including China.
Stronger ability for high-level opening-up
Noting that this year marks the 45th anniversary of reform and opening-up, Xi urged efforts to be more proactive in aligning with high-standard international economic and trade rules, steadily expand institutional opening-up with regard to rules, regulations, management and standards, and build a new higher-level open economic system to accelerate the construction of a new development pattern.
Xi stressed the need to create a market-oriented, legal and international business environment.
Taking the advancement of accession into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) as an opportunity, Xi said it is important to further stimulate import potential, relax market access, promote further development of multilateral and bilateral cooperation, and enhance the attraction of foreign investment.
He called for fostering innovation of trade in services, developing digital trade, and further enhancing the status of the international division of labor.
The Chinese president also urged efforts to accelerate building a high-level professional opening-up team that is strong, capable and excellent.
