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BEIJING REVIEW

Opening Up: From China to the World

2024-08-13
China & The WorldPoliticsEconomy
"Opening up is a defining feature of Chinese modernization," according to the Resolution of the Central Committee of the...
Jan 18, 2019 Economy

Leveling the Playing Field

On December 25, 2018, when many parts of the world were celebrating Christmas, foreign investors eyeing China and Chinese enterprises also received a long-term gift. China’s National Development and Reform Commission (NDRC) and Ministry of Commerce (MOFCOM) released a nationwide negative list, detailing the industries prohibited or restricted for investment from both foreign and domestic investors. Industries not on the list are open for investment to all market players, creating a level playing field for all in terms of entry rules. There are 151 sectors on the list. Four of these are prohibited for investment, including illegal financing and unlawful Internet activities. The rest, such as agriculture, manufacturing, mining and ride-hailing business, needs government approval. The list also includes 581 specific rules. This is a shorter list following a trial run that started in 2016. The new list has removed restrictions on more sectors, slashing 177 sectors and 288 rules. “The implementation of the nationwide negative list shows that China has developed a unified, fair and rule-based system for market access,” Xu Shanchang, Director General of the Economic System Reform Department of the NDRC, said at a press conference held on December 25, 2018. “As it takes effect, local governmental agencies will be barred from making rules about market entry.” Xu stressed that inappropriate or discriminatory rules for market access […]
Oct 8, 2018 Economy

Coping With Crisis

Though a decade has passed since the 2008 global financial crisis, the world has not fully emerged from its shadow. Instead of aiding the weak economy to recover, the policies adopted by Western countries have created new hidden perils and sowed the seeds for another financial crisis. Worse still, the domino effect of the 2008 global crisis is still alive and is affecting emerging markets and developing economies, resulting in a protracted downturn in the world economy. The economy shortly rebounded in 2009, then entered a period of slow growth dubbed a “new mediocre” by International Monetary Fund (IMF) chief Christine Lagarde, with the growth rate stuck at 3.5 percent. Δ Demonstrators call for banking reform at a rally to mark the 10th anniversary of the 2008 financial crisis, outside the Royal Exchange building in London, Britain, on September 15 (VCG). In 2017, it rebounded from recession again, with an actual growth of 3.76 percent. The IMF expects global growth to tick up to 3.9 percent this year and next. But despite the upswing, the favorable conditions will not last for long, and the growth would inevitably bend toward a weaker longer-term level. In fact, the growth in recent years benefited mainly from stimulus policies; the cornerstone of economic endogenous growth is still fragile. Lurking threats The 2008 financial crisis […]