China's exports have been declining in recent years, sparking discussions about how to save them. However, we should look to the future and focus on the next higher level of openness, rather than just looking at the immediate gains and losses. According to the Outline of the Long-Range Objectives Through the Year 2035, China will enter the ranks of moderately developed countries by 2035 and achieve the goal of a per capita GDP of US$30,000. To match the huge GDP size in 2035, China's exports need to double to 7$2 trillion. To achieve this goal, China is accelerating its strategy of doubling its exports in three major areas: promoting the Belt and Road Initiative, promoting high-level institutional opening-up, expanding high-level financial opening-up, and promoting the internationalization of the renminbi.
China has actively promoted the Belt and Road Initiative and has achieved certain results. The initiative has attracted more than 150 countries from around the world, and these countries have become the fastest-growing markets for China's outward and investment. According to the data, in the first three quarters, China's total imports and exports to the countries of the Belt and Road Initiative reached 1432 trillion yuan, accounting for 46 percent of China's total import and export value5%。In addition, China's non-financial direct investment in these countries has also shown a rapid growth trend. In order to achieve the goal of doubling exports, in addition to the normal ** promotion, it is important to innovate and stimulate exports through foreign investment.
Promoting high-level institutional opening-up is the overall framework for China's opening-up in the coming decades. Over the past few decades, China's economic development has been driven primarily through the opening up of commodity and factor flows. In the future, we need to comprehensively transform to institutional opening-up on the basis of the flow of commodities and factors, that is, the opening up of rules, regulations, management and standards. In order to achieve this goal, 80 measures have been implemented in the Shanghai Pilot Free Trade Zone, aiming to promote high-level institutional opening-up. Institutional opening-up is not only "border opening", but also "domestic opening", that is, introducing high-standard international rules into China, and transforming domestic institutionalized regulations into internationally accepted rules and standards, so as to achieve coordination and integration between international and domestic economic systems.
Finance is an important support for the real economy, and high-level opening-up inevitably requires a corresponding high-level opening up of finance. China is committed to promoting high-level opening-up in the financial sector and attracting more foreign financial institutions and long-term capital to invest in China. To this end, China will steadily expand the institutional opening up of the financial sector, enhance the facilitation of cross-border investment and financing, and build and strengthen the two major international financial centers of Shanghai and Hong Kong. At the same time, China is also committed to promoting the internationalization of the renminbi. Over the past decade, the internationalization of the renminbi has achieved remarkable results, with nearly half of all cross-border transactions now settled in renminbi. In addition, China has signed bilateral currency swap agreements with 30 Belt and Road countries and established RMB clearing arrangements. These measures will contribute to the further promotion of China's high-level financial opening-up and RMB internationalization.
China is committed to implementing three major strategies to double exports, namely, promoting the Belt and Road Initiative, promoting high-level institutional opening-up, expanding high-level financial opening-up, and promoting the internationalization of the renminbi. The implementation of these strategies will further enhance the level of openness of China's economy and promote the growth of China's international ** and investment. With years of hard work, China has made certain achievements, but it still faces many challenges and pressures. Doubling exports requires the support and joint efforts of the whole society, and at the same time, we need to seize the opportunity to promote innovation and reform and continuously improve our competitiveness. Only in this way will China be able to achieve a higher level of openness and meet the challenges and opportunities of the future.