Openness benefits everyone, forum told

The Boao Forum for Asia International Convention Center in Boao, Qionghai, South China's Hainan province, on March 26, 2019. [Photo/VCG]

Further opening up the economy will lead to greater competitiveness and help China upgrade its economy, said Vice-Minister of Commerce Qian Keming.

The new Foreign Investment Law, greater protection for overseas companies and the establishment of free trade zones will serve to further open up the economy, Qian told the China Development Forum at the Diaoyutai State Guesthouse in Beijing on Sunday.

"In the past we crossed the river by feeling the stones," he said, referring to an adage about gradual, learn-by-doing reform. "Now we will focus on top-level design led by new development of models, ideas and strategies.

The CDF, which was marking its 20th anniversary and had the theme "Greater Opening-Up for Win-Win Cooperation", was attended by heads of multinationals, leading academics and scholars from around the world.

Tim Cook, the CEO of Apple, said when he addressed the forum on Saturday that openness was the key to future success for China as well as its international partners.

"One of the key elements of partnership is openness－being open to working together, open to new ideas, open to new solutions," he said.

A number of Chinese ministers and top officials spoke at the meeting. Minister of Finance Liu Kun emphasized the importance of the recent announcement of 2 trillion yuan ($298 billion) of tax cuts in creating a more dynamic economy in which domestic and foreign companies alike will benefit.

People's Bank of China Governor Yi Gang stressed the importance of the opening of the financial sector, creating opportunities for foreign financial institutions, and the greater liberalization of the yuan.