A view of Beijing's CBD area Photo: VCG

The Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization, published on July 21, emphasizes the commitment to advancing high-standard opening-up. The resolution proposed to improve the mechanisms for high-quality cooperation under the Belt and Road Initiative (BRI).

The resolution stressed that China will remain committed to the basic state policy of opening to the outside world, and continue to promote reform through opening-up. Leveraging the strengths of its enormous market, China will enhance its capacity for opening-up while expanding international cooperation and developing new institutions for a higher-standard open economy.

The resolution puts forth a series of measures to steadily expand institutional opening-up. The resolution proposed to continue to implement the Belt and Road Science, Technology, and Innovation Cooperation Action Plan.

In the current international situation, China's high-standard opening-up to the outside world can lead China to assume the responsibility of a major country in the reform of the global governance system. 

With economic globalization encountering challenges, protectionism is gaining momentum. Some developed countries are turning to unilateralism and protectionist policies in global governance, causing disruption and disintegration in the global supply chain.

In contrast to the anti-globalization practices of other countries, China is actively promoting high-standard opening-up. It is leading high-quality cooperation in the BRI and maintaining a diverse and stable global trade pattern through institutional opening-up. China is also working toward promoting the global economy in a more open, inclusive, balanced, and win-win way.

The China-Europe Railway Express is the main bridge and link for economic and trade exchanges between China and countries participating in the BRI. The comprehensive and rapid development of the China-Europe Railway Express has made trade and cooperation between Europe and Asia closer, creating a new international transportation pattern. 

The rapid growth of the China-Europe Railway Express has effectively reduced the trade costs between China and Europe, especially the export costs of the western regions of China, significantly promoting multilateral cooperation and common development, and promoting regional economic integration.

Those involved in the joint construction of the BRI are committed to building a shared, cooperative and inclusive international community. It has become the largest and most extensive international cooperation platform in the world today. It is of importance for China to promote the reform of the global governance system. 

The "hard" infrastructure connectivity enabled by projects like the China-Europe Railway is an important progress for the joint construction of the BRI, while the "soft connectivity" of rules and standards is an important source of support. 

Institutional openness promotes China's participation and leadership in the reform of the global governance system. In the process of expanding institutional opening-up, China can improve and help revamp unreasonable international economic and trade rules in the process of coordinating with its trade partners and existing institutions. 

Most of the international economic and trade rules are based on the domestic laws of developed countries, depriving developing countries of the right to participate in rule-making. 

By increasing the level of institutional opening-up, China, as a global leader in trade, can effectively prevent the squeeze of hegemonic countries in global trade. This will safeguard China's legitimate rights in participating in global governance. China can more actively participate in establishing a fairer global economic order and leading the reform and construction of the global governance system.

Xu Mingzhi is assistant professor of Institute of New Structural Economics (INSE) at Peking University. Sun Jingyi is doctoral student of INSE at Peking University. bizopinion@globaltimes.com.cn