Opening-up to expand as key growth driver

Tourists brave the chill to visit the Palace Museum in Beijing on Sunday. China welcomed around 132 million inbound tourists in 2024, marking a 60.8 percent year-on-year increase, with foreign visitors accounting for 26.94 million of these arrivals, according to the National Bureau of Statistics. WANG XIN/FOR CHINA DAILY China will continue to push forward high-standard opening-up while bolstering domestic consumption to support high-quality development, the country's top commerce official said on Saturday. Minister of Commerce Wang Wentao also said that expanding high-standard opening-up remains a vital driver for advancing reform and propelling development, according to a report in People's Daily. This, according to analysts, will inject fresh growth momentum into the global economy. Speaking ahead of the annual Central Economic Work Conference, Wang said that as China faces strategic opportunities as well as growing risks and uncertainties during the 15th Five-Year Plan (2026-30) period, it is essential to strengthen the interplay between domestic and international markets and resources, achieving steady and sustainable growth in both quality and scale. Usually convened in December to set the policy tone for the following year, the high-level gathering will be closely watched by the international business community, as it will outline the country's annual macroeconomic priorities and major reform tasks. The commerce minister said that China will proactively advance opening-up, align with high-standard international economic and trade rules, broaden market access and open more sectors — particularly in services. Noting that China possesses the advantage of an ultra-large market, with a population of over 1.4 billion, Wang said that China will work to create a more internationalized consumption environment and widen the supply of high-quality goods and services to strengthen the domestic market and support high-quality development. These moves align with the recommendations of the 20th Central Committee of the Communist Party of China for the formulation of the 15th Five-Year Plan. The recommendations identify a strong domestic market as strategic support for Chinese modernization. Wei Jianguo, former vice-minister of commerce, said that new opening-up measures will make better use of China's vast domestic market and support its shift from the "world's factory" to a "world market". In sectors such as consumer goods, healthcare, logistics and advanced manufacturing, foreign companies are gaining broader market access, faster approval and deeper integration into local supply chains, enabling them to scale innovation and expand commercial footprints more quickly, said Wei. Tamas Hajba, senior adviser for China of the Paris-based Organization for Economic Cooperation and Development, said China's shift toward a "world market" is already visible across multiple sectors. He added that China will remain a highly significant player as it advances reform and opening-up and promotes faster innovation and global expansion among its companies. Such policy shifts are also translating into concrete opportunities for multinational companies. German specialty materials manufacturer Schott AG plans to invest more than 60 million yuan ($8.5 million) in Suzhou, Jiangsu province, in the coming months. Salvatore Ruggiero, Schott's vice-president for marketing and communication, said that upon full completion and ramp-up, the project aims to generate an annual output value of more than 1 billion yuan in China by 2030, covering new manufacturing capacity and innovation. Currently, about 90 percent of Schott's products made in China are sold domestically, but the new investment will allow the company to export to Southeast Asia, South Korea and Japan, Ruggiero said, adding that the company is also willing to follow its Chinese customers abroad to support their expansion in new markets. Underpinned by diversified trade channels and steady industrial upgrading, China has become the top export destination for nearly 80 countries and regions during the 14th Five-Year Plan (2021-25) period, according to the Ministry of Commerce. During the same period, the country has become the world's second largest in goods consumption scale, and its services consumption saw robust growth. The average annual contribution of consumption to economic growth was around 60 percent, underscoring its consistent role as the main engine of the economy. He Manqing, a researcher specializing in cross-border investment at the Beijing-based Chinese Academy of International Trade and Economic Cooperation, said China's push for high-standard opening-up will spur demand for high-quality goods and services, supporting global trade flows and contributing to more sustainable, long-term growth worldwide. The country's rapidly expanding service economy and evolving consumption landscape — together with the government's implementation of...

Opening-up to expand as key growth driver

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