One of China's export doubling strategies is to promote the Belt and Road Initiative, which is an important initiative aimed at promoting global and economic cooperation. Since its inception in 2013, the Belt and Road Initiative has attracted the participation of more than 150 countries and has achieved remarkable results. Data show that the countries along the Belt and Road are the fastest growing markets for China's exports, and in the first three quarters of this year, China's total imports and exports to the Belt and Road countries accounted for 465%。At the same time, China's non-financial direct investment in Belt and Road countries has also shown strong growth. In order to achieve the goal of doubling exports, we need to continue to strengthen cooperation with Belt and Road countries, promote unimpeded cooperation, expand the scale of investment, and promote the building of a community with a shared future for mankind.
The second part of China's export doubling strategy is to promote high-level institutional opening-up. In the past few decades, China has achieved rapid development mainly by relying on the flow of goods and factors, but future development requires a higher level of openness. To this end, we need to fully transform into institutional openness, opening up in terms of rules, regulations, management and standards. This includes extending the system of rules with high international standards to the domestic market, and transforming it into internationally accepted rules and standards at home, so as to break down the barriers between the international and domestic economic systems. Only through high-level institutional opening-up can we lay a solid foundation for high-level opening-up in the future.
The third strategy of doubling China's exports is to expand high-level financial opening-up and promote the internationalization of the renminbi. Finance is an important support for the real economy, and financial opening-up is an important part of high-level economic opening-up. In order to achieve the goal of doubling exports, we need to further open up the financial sector, improve the facilitation of cross-border investment and financing, and attract more foreign financial institutions and long-term capital to expand their business in China. At the same time, we should also actively promote the internationalization of the renminbi and provide more convenient and stable means of settlement for the international community. At present, RMB accounts for nearly half of our total cross-border transactions, and we have also signed bilateral currency swap agreements with 30 Belt and Road countries and established RMB clearing arrangements. By expanding high-level financial opening-up and promoting the internationalization of the renminbi, we can further enhance China's international economic influence.
China is implementing a series of strategies to double exports and promote high-quality economic development. These strategies include promoting the Belt and Road Initiative and building a community with a shared future for mankindPromote high-level institutional opening-up;Expand high-level financial opening-up and promote the internationalization of the renminbi. Through the implementation of these strategies, we will further strengthen cooperation with other countries in the world, promote the liberalization and facilitation of investment, and lay a solid foundation for the sustainable development of China's economy. At the same time, these strategies will further enhance China's influence on the international stage and make positive contributions to building a more open, inclusive and prosperous world.