China's exports have been under downward pressure in recent years, which has also raised concerns about the outlook for exports. However, we should take a long-term view and focus on a higher level of opening up in the future. According to the "Outline of the Long-Range Objectives Through the Year 2035", by 2035, China will enter the ranks of moderately developed countries, with a per capita GDP of 30,000 US dollars. To achieve this, we need to double our exports to 7$2 trillion. In order to achieve this goal, we are accelerating the deployment and implementation of a major strategy for export expansion.
China has put forward the Belt and Road Initiative and promoted this initiative to promote high-level opening-up. So far, more than 150 countries have joined the Belt and Road Initiative. The data shows that the countries along the Belt and Road are not only the fastest growing markets in China's international world, but also the fastest growing markets for foreign investment. In the first three quarters of this year, China's total import and export value to the "Belt and Road" countries accounted for 46% of China's total import and export value5%, a year-on-year increase of 31%。Non-financial direct investment in Belt and Road countries also increased by 27% year-on-year. It can be said that the joint construction of the "Belt and Road" has become one of the important paths for China's export expansion.
In addition to promoting the Belt and Road Initiative, China is also committed to promoting high-level institutional opening-up. Institutional openness is a higher-level form of openness on the basis of openness based on the flow of commodities and factors, involving the openness of rules, systems, management, standards, etc. In the past few decades, China has mainly opened up to the flow of goods and factors, and in the future, we will fully transform to institutional opening. To this end, China has introduced a series of measures to promote high-level institutional opening-up, including extending the high-standard system of international rules to China, transforming domestic institutionalized regulations into internationally accepted rules and standards, breaking down the "barriers" between the international and domestic economic systems, and achieving coordination and integration between the two. The implementation of institutional opening-up will lay a solid foundation for China's opening-up in the coming decades.
The financial sector is an important support for the real economy, and in order to achieve a high-level opening up of the economic sector, China is also promoting a high-level opening up of the financial sector. In recent years, China has adopted a series of measures to steadily expand the institutional opening up of the financial sector, enhance the facilitation of cross-border investment and financing, and attract more foreign financial institutions and long-term capital to develop in China. In addition, China has actively promoted the internationalization of the renminbi, gradually increasing the use of the renminbi in international transactions through the signing of bilateral currency swap agreements with the Belt and Road countries and the establishment of renminbi clearing arrangements. At present, China's renminbi accounts for nearly half of the total cross-border transactions, and the use of renminbi in the Belt and Road countries has also been promoted and improved. The promotion of high-level financial opening-up and the internationalization of the renminbi will provide more opportunities and support for China's export expansion.
China is implementing three major strategies to expand 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 lay a solid foundation for China's opening up in the coming decades, further doubling China's exports. Although the current export ** has brought certain challenges to China, we should have a long-term vision and actively promote the implementation of the above strategies to achieve a higher level of opening up and achieve the grand goal of 2035. Opening up to the outside world is not only necessary for economic development, but also an important part of achieving national prosperity. Only by adhering to high-quality and innovative opening-up can China play a more important role in the global economic structure. Let us work together to expand China's exports and move towards a better future.