Creating a first-class business environment characterized by market-driven principles, rule of law, and internationalization is pivotal for achieving high-level openness

Since the 18th National Congress of the Communist Party of China, the country has progressively entered a new phase of reform and opening-upThis includes aligning with and setting high-standard international trade rules, undertaking institutional reforms, and constructing a comprehensive, fair, and transparent “domestic openness” systemThe establishment of Free Trade Zones, Free Trade Ports, and the Greater Bay Area in Guangdong, Hong Kong, and Macao are emblematic of these initiatives, as they foster innovation through varied functional areas and establish regulatory frameworks that resonate with international economic normsMoreover, China proactively engages in the reform of global economic governance structures, ensuring that its legal frameworks are compatible with prevalent international trade laws while promoting trade facilitation and liberalizationContinuous improvements in the business environment, anchored on robust institutional innovation, are essential for reinforcing China’s international influence and advancing globalization, thereby solidifying its role as a backbone of global economic stability amidst a complex geopolitical landscape.

The drive to employ institutional innovation as a catalyst for high-level openness is not an instantaneous endeavor; it requires persistent efforts

This journey hinges on various foundational elements including an upgraded institutional structure, the innovation of trade models, and the effective implementation of a national treatment system for foreign investmentSuch measures comprise developing a robust negative list management system while promoting innovative upgrades across different types of open regionsAn emphasis on optimizing the business environment remains crucial, focusing on creating a predictable, transparent, and conducive atmosphere for business and residence alikeThis paradigm marries the dividends of institutional innovation with the advantages of a vast domestic market, thereby propelling the “Invest in China” brand to new heights and reinforcing China’s competitive edge in openness.

Another critical strategy involves aligning with international standardsThis includes striving for effective connectivity and compatibility with high-standard international cooperation agreements, ensuring that regional cooperation under frameworks such as RCEP is implemented with high quality

Furthermore, proactive engagement in multilateral trade agreements, such as the CPTPP, and innovating in sectors like finance, intellectual property, and economic technology cooperation will further the establishment of a streamlined and effective system for institutional opennessCollaborative international efforts are paramount, necessitating a robust framework for free trade zones and investment agreements, particularly through initiatives that seek to elevate the quality of the Belt and Road Initiative.

To fortify and sustain these advancements, it is crucial to enhance institutional innovative capacitiesThis can be achieved by deepening the “Delegating Powers, Streamlining Administration, and Improving Services” reform, establishing a comprehensive collaboration mechanism between central and local governance, and eliminating legal and policy obstaclesBy incentivizing the participation and creativity of various government levels and functional areas, and advancing the development of digital government initiatives, the overall governance capacity for openness can be significantly enhanced.