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G20 Summit 2019: China announces measures to lead high-quality world economy

The 14th summit of the G20 leaders opened on Friday in Osaka, Japan. During a major speech delivered at the summit, Chinese President Xi Jinping called on all parties to work together to build a high-quality world economy and announced five major measures that China will take to further open its market in the near future. This sets the direction for world economic and global governance cooperation.

The five major opening-up measures announced by Xi Jinping include the forthcoming release of the 2019 version of the negative list for foreign investment access, further opening up of China’s agriculture, mining, manufacturing, and service industries, and the establishment of six new free trade pilot zones; actively expanding imports and further reducing tariff levels.

The country will also continue to improve the business environment, implement a new foreign investment legal system from January 1 next year, and fully practice equal treatment and completely eliminate the restrictions on investors outside the negative list for foreign investment access.

China will vigorously put forward economic and trade negotiations, and promote the early realization of a regional comprehensive economic partnership agreement to accelerate the negotiation of the China-EU Investment Agreement and the China-Japan-South Korea free trade agreement.

At present, protectionism and unilateralism continue to spread, the global industrial structure and financial stability are being impacted, and the risks and uncertainties of the world economy are rising significantly.

But China is the first to hold high the banner of opening-up and cooperation within the G20 mechanism, which has sent the world economy a positive signal, helped enhance the confidence of the global market and brought hope to the peoples of all countries.

All the parties concerned hope that the Osaka Summit aims send a clear signal to the world to adhere to multilateralism, maintain the existing international and the free trade systems, and jointly enter a new stage of high-quality development of the world economy

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