The launch of island-wide special customs operations of Hainan Free Trade Port (FTP) represents China’s clear-cut stance against protectionism and a major step toward promoting economic globalization, said Huang Hanquan, a Chinese economist.
Huang, head of the Chinese Academy of Macroeconomic Research, made the remarks during the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.
The Thursday launch marks a major milestone in the opening-up drive of the world’s second-largest economy. This move sends a tangible message to the world: China has made a significant decision to open up further, Huang said.
It also aims to set a benchmark for higher-level opening-up, inject new momentum into upholding multilateralism and free trade, and foster inclusive and universally beneficial economic globalization, according to Huang.
« It is a strategic move to align with high-standard international economic and trade rules and steadily expand institutional opening-up, » Huang noted. « This provides an important platform for China to better adapt to and utilize international economic and trade rules while actively participating in their formulation. »
Huang believes that China’s economy has transitioned from rapid growth to high-quality development and is now at a critical stage of transforming growth model, optimizing economic structure, and shifting growth drivers.
As a key testing ground for reform in China, Hainan shoulders the important mission of paving new paths and accumulating fresh experience for building a high-standard socialist market economy, particularly in key areas such as trade and investment, fiscal and financial systems, and government regulation, Huang added.
by Xinhua
