China's high-standard opening up will benefit Bangladesh
China has become the major trading partner of more than 140 countries and regions, including Bangladesh. According to the World Bank, China's contribution to global economic growth averaged 38.6% over the past decade, higher than that of the Group of Seven countries combined
From 19 to 22 November, the 6th China-South Asia Expo and the 3rd China-South Asia Cooperation Forum were successfully held in Kunming, the gateway metropolitan between Bangladesh and China.
Chinese President Xi Jinping sent a congratulatory letter to the Expo, calling for joint efforts to take the Expo as a platform for common development, new growth drivers, high-quality Belt and Road cooperation and implementation of the Global Development Initiative.
As the theme country for the Expo this year, Bangladesh fully showcased its national image and brand. The Hon'ble Speaker Dr Shirin Sharmin Chaudhury and the Hon'ble Foreign Minister Dr AK Abdul Momen kindly delivered video speeches at the opening ceremonies of the Expo and the Forum, respectively.
In fact, China has been holding a number of expositions of this kind, aiming to promote high-standard opening up, a policy that has been adopted for a long time and further emphasised in the recently concluded 20th National Congress of the Communist Party of China (CPC).
High-standard opening up is a strategic choice China made on the basis of sound rationale: on the one hand, the trend of economic globalisation is irreversible, and, on the other hand, the Chinese economy has been deeply integrated into the world.
Economic globalisation promotes the flow of goods and capital, facilitates the progress of sci-tech, promotes the development of social productivity, and eventually advances human civilisation.
Since the end of the Cold War, the current wave of economic globalisation has driven significant growth across the world, while maintaining the global industrial and supply chains resilient and stable. It serves the interest of all countries, and thus cannot be reverted.
China benefits from economic globalisation, and, in turn, makes its own contribution to the world at large. In China, 70% of industrial-added values are import-related. Foreign-funded enterprises play an important role in employment, entrepreneurship, market connectivity and talent exchanges. China has become the major trading partner of more than 140 countries and regions, including Bangladesh.
According to the World Bank, China's contribution to global economic growth averaged 38.6% over the past decade, higher than that of the Group of Seven countries combined.
Under the overall framework of pursuing Chinese modernisation, the 20th National Congress of CPC made it clear that China commits to opening up its fundamental national policy, and endeavours to promote it to a higher standard at the new stage of development.
By high-standard opening up, China will leverage the strengths of its enormous market, attract global resources and production factors and amplify the interplay between domestic and international markets and resources.
For example, the China International Import Expo (CIIE), the world's first import-themed national-level expo held since 2018, has become a window for China to build a new development pattern, a platform for promoting high-standard openness, and international public goods shared globally. The cumulative intended turnover of the previous 4 CIIEs exceeded $270 billion, the just-concluded 5th CIIE had a one-year intended turnover of $73.52 billion. By the by, on 4 November, Tipu Munshi, the Hon'ble Minister of Commerce of Bangladesh, kindly attended the opening ceremony of the 5th CIIE online.
By high-standard opening up, China will steadily expand institutional opening up with regard to rules, regulations, management, and standards. In 2013, China's first negative list for foreign investment access was issued. By far, the list has been shortened by 85% to merely 27 items. The new version of the Catalogue of Industries Encouraging Foreign Investment further expands the scope of investment-friendly industries and provides a more attractive policy environment. China will also upgrade trade in goods, develop new mechanisms for trade in services, and promote digital trade, in order to accelerate China's transformation into a trader of quality.
By high-standard opening up, China commits to benefiting the world. Since the Belt and Road Initiative (BRI) was launched in 2013, it has attracted 149 countries and 32 international organisations.
The trade volume of goods between China and countries along the route has accumulated to $11 trillion. Direct investment in these countries amounted to $161.3 billion. Next year, by the 10th anniversary of the launching of the initiative, China will host the 3rd Belt and Road Forum for International Cooperation.
People in Bangladesh have a deep perception of the tangible benefits brought about by China's opening up. China has maintained Bangladesh's largest trading partner for 12 consecutive years. In 2021, the bilateral trade volume exceeded $25 billion. Among China's exports to Bangladesh, the largest proportion is production machinery and raw materials for garments, which have made positive contributions to the development of Bangladesh's productivity and RMG industries. From 1 September this year, 98% of Bangladeshi products were given zero-tariff treatment.
Like always, China keeps its door open to Bangladesh. To make our bilateral trade relations stronger and more balanced, I sincerely request the Bangladeshi business community to make full use of trade policies, platforms and facilities China provides.
From the Chinese side, we will actively encourage more imports from Bangladesh, especially high-quality agricultural products. Beyond that, we will constantly expand new areas of cooperation, uphold an open attitude and promote cooperation in the financial field, encourage Chinese enterprises to invest in Bangladesh, and strengthen infrastructure development cooperation.
By committing to a high-standard opening up, China is ready to explore more opportunities with Bangladesh, thereby uplifting our strategic partnership of cooperation to a higher level.
Li Jiming is the Chinese Ambassador to Dhaka.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.
