Xi Jinping, the distinguished general secretary of the Communist Party of China (CPC) Central Committee, has unequivocally emphasized the imperative for China to actively engage in the reformation of the World Trade Organization (WTO) and to fortify its capacity to navigate the intricacies of high-level global economic engagement. This significant statement was articulated as he presided over a group study session of the Political Bureau of the CPC Central Committee on a notable Wednesday.
The paramount importance of the WTO as a bastion of multilateralism and a pivotal arena for global economic governance has been a subject of Xi’s contemplation. He underlined that it is a consensus shared by the international community and an unfolding global inclination to institute vital reforms within the WTO.
In light of this, Xi Jinping fervently urged a comprehensive commitment to the cause of WTO reform and the recalibration of international economic and trade regulations. Simultaneously, he called for the stimulation of profound structural reforms and the pursuit of high-quality development through an elevated degree of opening-up.
China’s Evolution in the WTO
Reflecting on the historical trajectory of China’s relationship with the WTO, Xi Jinping articulated an insightful perspective. He pointed out that China’s role has transcended from a passive recipient and an astute adaptor of international economic and trade norms to an indispensable participant in this domain.
Furthermore, Xi Jinping extolled the decision made by China over two decades ago to join the WTO, deeming it a judicious move. This accession, he emphasized, has not only accelerated China’s own economic progress but has also substantially contributed to the global economic well-being, constituting nearly 30 percent of the annual economic growth across the world.
Upholding the Integrity of the Multilateral Trading System
On the subject of participation in WTO reform, Xi Jinping underlined the importance of unwaveringly upholding the authority and effectiveness of the multilateral trading system, with the WTO at its core. He urged proactive endeavors to restore the normal functioning of the WTO dispute settlement mechanism.
The Chinese leader’s discourse placed great emphasis on the overarching trend of economic globalization, advocating for the sanctity of free trade and genuine multilateralism. He firmly opposed unilateralism and protectionism, discouraging the politicization, weaponization, or overextension of the concept of national security concerning economic and trade matters. His vision was to nurture an open world economy conducive to shared prosperity.
Xi Jinping also stressed the need to enhance China’s contributions to WTO reform while embracing the concept of a global community with a shared destiny. This commitment was intrinsically linked to the preservation of the legitimate interests of developing countries, with China being at the forefront.
Strengthening High-Level Opening-Up
In a broader context, 2023 marked the 45th anniversary of China’s transformative reform and opening-up policy. President Xi, recognizing this milestone, called for a proactive stance in aligning with high-standard international economic and trade norms. He sought to institute a steady expansion of institutional opening-up across regulations, management, standards, and rules, thereby envisioning the construction of a new, more sophisticated open economic paradigm that would expedite the formation of a novel development framework.
A crucial facet of Xi’s vision entailed the creation of a business environment characterized by market orientation, legality, and internationalization. This marked a crucial step towards ensuring a level playing field for global businesses.
Leveraging the ongoing advancements in China’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), Xi Jinping highlighted the importance of stimulating import potential, easing market access, intensifying multilateral and bilateral cooperation, and enhancing the country’s appeal to foreign investment.
The call for fostering innovation in trade services, nurturing the development of digital trade, and elevating the international division of labor underscored China’s commitment to playing a leading role in shaping the global trade landscape.
In conclusion, President Xi urged an accelerated build-up of a high-caliber, professional team dedicated to advancing China’s high-level opening-up strategy—a team characterized by strength, capability, and excellence. His address embodied China’s commitment to active global participation, profound reform, and the pursuit of a more equitable and prosperous world.
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