China's declining exports are a cause for concern, but we need to take a longer-term view. According to the Outline of the Long-Range Objectives Through the Year 2035, China aims to become a moderately developed country by 2035, with a per capita GDP of US$30,000. According to **, China's GDP will exceed $40 trillion by 2035, while exports will at least double to 7$2 trillion to match that scale. In order to achieve this goal, we must drive export growth, at least at a rate of more than 6% per year.
In the current situation, we should not only look at the immediate gains and losses, but also look to the future. Achieving a high level of opening-up is the key, and I will give you a detailed introduction to China's export growth strategy.
The Belt and Road Initiative is an important strategy for China to promote opening-up and economic globalization. In recent years, the Belt and Road Initiative has become an important direction for China's foreign investment and investment. According to the latest data, in the first three quarters, the total value of China's imports and exports to the Belt and Road countries accounted for 46 percent of its total import and export value5%, a year-on-year increase of 31%。At the same time, China's non-financial direct investment in these countries also increased by 27% year-on-year. This fully shows that the countries along the "Belt and Road" have become China's export markets and investment hotspots.
In order to further promote the construction of the Belt and Road Initiative, China will host the Belt and Road 10th Anniversary Summit in 2023, which will showcase China's fruitful achievements in the past 10 years and its future development blueprint. This will attract more countries to join the Belt and Road Initiative and provide a broader market for China's exports.
In addition, China is trying to combine the Belt and Road Initiative with reform and opening up to boost economic development and export growth through investment. The implementation of this strategy not only creates opportunities for China's exports, but also provides impetus for the economic development of the participating countries.
High-level institutional opening-up is an important direction for China's future opening-up. In the past few decades, China has mainly relied on the flow of goods and factors, but in the future, it needs to pay more attention to the opening up of rules, regulations, management, standards and other aspects. To this end, China is actively promoting high-level institutional opening-up.
Recently, the Shanghai Pilot Free Trade Zone has taken a series of measures to promote the alignment of international high-standard economic and trade rules to promote high-level institutional opening-up. This measure involves the dual opening of domestic and international markets, requiring the extension of the international rule system to the domestic market, and at the same time transforming domestic regulations into internationally accepted rules and standards, breaking down the barriers between international and domestic economic systems, and realizing the coordination and integration of the two. Such opening up will provide a fairer, more transparent and effective business environment for China's exports, and attract more foreign investment and international enterprises to invest and cooperate in China.
The significance of implementing a high-level institutional opening-up strategy is not only to improve China's opening-up system, but also to provide broader space and opportunities for China's economic development.
High-level financial opening-up is an important support for the real economy, and it is also an inevitable requirement for China's high-level opening-up. China is working hard to open up the financial sector, promote cross-border investment and financing facilitation, and attract more foreign financial institutions and long-term capital to invest in China.
In order to further promote high-level financial opening-up, China has clearly put forward the strategic goal of building and strengthening Shanghai and Hong Kong, two major international financial centers. This will provide more diversified and flexible financial services for China's exports, and create more convenient conditions for domestic and foreign enterprises to trade and finance.
At the same time, the internationalization of the renminbi, as an important part of opening up and international development, is also constantly advancing. As of September 2023, China has signed bilateral currency swap agreements with 30 Belt and Road countries and established RMB clearing arrangements with 17 countries. These measures have helped to increase the use of the renminbi in the international market and boost China's export growth.
China's export growth strategy, including the Belt and Road Initiative, high-level institutional opening-up, and high-level financial opening-up, is aimed at doubling exports. These strategies aim to provide a broader, fairer and more stable market and business environment for China's exports, and promote sustainable economic development.
Achieving the goal of export growth is not easy and requires the joint efforts of the whole society. It is necessary to increase support for foreign policies and provide a better institutional environmentEnterprises should continuously improve product quality and technological innovation capabilities to meet the needs of the international marketIndividuals should actively participate in international exchanges and cooperation to improve their overall quality and competitiveness.
To sum up, China is moving towards the goal of high-level opening-up, and through the joint construction of the "Belt and Road", the promotion of high-level institutional opening-up and the expansion of high-level financial opening-up, China's exports have provided a broader development space and opportunities. The implementation of these strategies requires the joint efforts of the whole society, and it is hoped that through the joint efforts of everyone, we can double the growth of exports and promote the sustainable development of China's economy.