A view of Shanghai Photo: VCG

Chinese President Xi Jinping on Tuesday stressed efforts to put in place new systems for a higher-standard open economy and to proactively lift the country's opening-up to a new level, according to the Xinhua News Agency.

Xi made the remarks while presiding over a meeting of the central commission for deepening overall reform. He also stressed that the focus should be put on institutional opening-up and deepening reforms in key areas of global exchanges and cooperation such as investment, trade, finance and innovation.

The meeting pointed out that China's development is facing a complex and difficult international situation at present, while stressing efforts to improve the top design for new systems for a higher-standard open economy, deepen institutional reforms in trade and investment, expand market access and compressively optimize the business environment.

The remarks send a powerful message of support for increased international exchanges and cooperation as well as a rejection of growing unilateralism and protectionism in certain countries, analysts noted.

"Maintaining a high level of openness has always been a key theme of our country's development. Even though some Western countries have been trying to disrupt our efforts in recent years, we have always maintained a mutually beneficial and win-win opening-up strategy," Cong Yi, a professor at the Tianjin University of Finance and Economics, told the Global Times on Tuesday.

Cong noted that while the US and other Western officials focus on "decoupling, de-risking and breaking supply chains" and are even deliberately trying to undermine and contain China, China is showing that its door will only open wider and many Western businesses are still actively seeking broader cooperation in China. "We cannot be disrupted in this," he said.

Defying calls in the West for "decoupling" or "de-risking," since the start of the year many foreign executives including Microsoft founder Bill Gates, Tesla CEO Elon Musk and Apple CEO Tim Cook, have visited China seeking greater cooperation.

Apart from opening-up, Tuesday's meeting also pointed out that China will adhere to the bottom-line thinking and extreme-scenario thinking, pay close attention to improving the national security system and mechanism, and strive to improve the ability and level of supervision in opening-up, according to Xinhua. The meeting also pointed out that China will actively participate in the reform and construction of the global governance system by closely linking the building of new systems for a higher-standard open economy to the joint construction of the Belt and Road Initiative.

At the meeting, several documents were reviewed and approved, including a guideline on building new systems for a higher-standard open economy, a plan for deepening rural reform, a guideline on carbon emissions control, a guideline on reform of salary systems at universities and research institutes, a guideline on enhancing national oil and gas supply security, and a guideline on institutional reform in electricity, according to Xinhua.

These are key development priorities in China, as the country steps up efforts to pursue high-quality development, while fending off external risks and challenges, analysts noted. The focus on reforming compensation systems at universities and research institutes, for example, aims to encourage basic research and major technological breakthroughs.

"China's manufacturing advantages are extremely competitive in the world, but at the same time we urgently need to make up for shortcomings in some key technologies and achieve independent breakthroughs," Cong said.

This is the second meeting of the Central Commission for Comprehensively Deepening Reform under the 20th Communist Party of China Central Committee. The first meeting, held in April, focused on innovation as a crucial step to achieving sci-tech self-reliance and strength and support for the private economy.

Global Times