Shanghai FTZ: A Symbol of China’s Opening-up

Forty years ago, it was inconceivable that China could completely transform itself from agrarian-based to the world’s second largest economy in such a short period of time. However, it has drastically transformed through its commitment to continuous reforms and gradual opening up policies. In the last 40 years, China has witnessed the fastest economic growth in human history. Its average annual GDP growth was close to an impressive 10 percent year-on-year until 2014. Per-capita income increased from US$155 in 1978 to a whopping US$7,590 in 2014: a 40-fold increase, that helped lift 700 million people above the poverty line.   This economic transformation begun in 1978, when China’s former Leader, Deng Xiaoping realized that the economic progress of the country could be accelerated by opening up the economy and following the export-led model. In order to realize this dream, he had set up several special economic zones across China. These zones not just attracted overseas investments but also facilitated the adoption of new technologies and management ideas, thus transforming them into export hubs. This watershed policy of inclusive growth and opening-up proved to be a game-changer for the nation. In order to further deepen Deng’s original reforms, Shanghai’s first pilot free trade zone was set up in September 2013 to bring new opportunities to the country. The Shanghai FTZ, since […]

Dec 10, 2018

Opening Up a Chinese Miracle

This year marks the 40th anniversary of China’s reform and opening up. Just as Chinese President Xi Jinping pointed out in the report delivered at the 19th National Congress of the Communist Party of China (CPC), Chinese people today are closer, more confident, and more capable than ever before of making national rejuvenation a reality. The major reasoning for President Xi’s statement is China’s achievements over the past 40 years. In 1978, China’s per capita GDP stood at only US$155, and more than 80 percent of its population lived in rural areas. At that time, China’s imports and exports accounted for only 9.7 percent of the country’s total GDP. Essentially, 90 percent of the country’s GDP was not related to the international economy. However, over the 40 years since China’s historic reform and opening up, the country’s GDP has averaged an annual growth rate of around 9.5 percent in comparable prices. In human history, never has a country with such a huge population and weak foundation been able to realize such a high-speed and long-term growth. It is more than appropriate to call China’s progress over the last 40 years a “China miracle.” In the 1980s and 1990s, almost all developing countries, socialist countries included, carried out reform and opening up. However, instead of prosperity, these reforms caused economic collapse, […]

Dec 10, 2018

Highlights of Xi’s keynote speech at import expo

President Xi Jinping delivered a keynote speech at the opening ceremony of the China International Import Expo in Shanghai on Monday. Here are the highlights. On CIIE and opening-up The China International Import Expo is a “trail-blazing” move in the history of international trade development. The CIIE is the first-ever import-themed national-level expo. Economic globalization is an irreversible historical trend and provides strong momentum for the world economic development. All countries should be committed to opening-up and oppose protectionism and unilateralism in a clear-cut stand. All countries should stick to innovation and accelerate the transition with traditional growth drivers being replaced by new ones. All countries should uphold the principle of inclusive development and shared benefits, in order to realize common development. China will not close its door to the world and will only become more and more open. Δ The expo’s largest product, valued at 2.6 million euros, a gantry milling machine from German company Waldrish Coburg, is seen at China International Import Expo held in Shanghai, Nov 4, 2018. [Photo/chinadaily.com.cn]  On measures to promote opening-up 1. Imports China’s initiative to expand imports is not a makeshift, but long-term consideration of embracing the world and future while promoting common development. 2. Market access China’s imported goods and services are estimated to exceed $30 trillion and $10 trillion, respectively, in the […]

Nov 6, 2018

New Vitality in Shenyang

Deng Xiaoping’s “Southern Tour Speech” is well known to both domestic and foreign audiences. In fact, Deng Xiaoping also published views known as his “Northern Talks”. In September 1978, after listening to a report from the Party Committee of the Liaoning Provincial Party Committee in Shenyang, Deng delivered an important speech covering topics including emancipating the mind, seeking truth from facts and shifting the focus of work. Discussions as well as Deng’s speeches in Benxi, Daqing, Harbin, Anshan, Tianjin and other places together constituted a “Northern Talk” and laid the foundation for the Third Plenary Session of the 11th Party Central Committee. In 1978, the total industrial output value of Liaoning Province accounted for 9.7% of China’s total industrial output value in the same period, and accounted for 54% of total industrial output value in the three northeastern provinces. Liaoning’s total industrial output ranked second in all provinces and autonomous regions in China. In the following 40 years, Liaoning, Heilongjiang and Jilin experienced the decline, adjustment and recovery of the old industrial base. In the first half of 2018, Liaoning’s GDP ranked 14th out of China’s 31 provinces and autonomous regions. From September 25-28, General Secretary Xi Jinping made inspection visits to Heilongjiang, Jilin and Liaoning provinces, and hosted a seminar on promoting Northeast Revitalization in Shenyang. Xi launched six […]

Oct 23, 2018