During the eighth collective study of the Political Bureau of the Communist Party of China Central Committee, Xi Jinping emphasized the importance of actively participating in the reform of the World Trade Organization (WTO) and enhancing the ability to effectively navigate high-level opening-up.

Source: Xinhua News Agency

On the afternoon of September 27th, the Political Bureau of the Communist Party of China (CPC) Central Committee held its eighth collective study session on the rules and reform of the World Trade Organization (WTO). General Secretary of the CPC Central Committee, Xi Jinping, emphasized during the study session that the WTO is an important pillar of multilateralism and a crucial platform for global economic governance. It is a consensus and a trend to carry out necessary reforms of the WTO. We should fully recognize the importance and urgency of participating in the reform of the WTO from the perspective of better coordinating the domestic and international situations, as well as development and security. We should actively participate in the reform of the WTO and the adjustment of international economic and trade rules with a more proactive historical responsibility and creative spirit, in order to promote deep-level reforms and high-quality development through high-level opening-up.

Gu Xueming, Director and Research Fellow of the Institute of International Trade of the Ministry of Commerce, gave an explanation on this issue and put forward some suggestions. The comrades of the Political Bureau listened carefully to the explanation and had discussions.

After listening to the explanation and discussions, Xi Jinping delivered an important speech. He pointed out that China's accession to the WTO was a milestone in its opening-up process. In just over 20 years, China's total merchandise trade volume has increased by 11 times, making it the world's largest trading nation in goods and a major trading partner of more than 140 countries and regions. China has contributed nearly 30% to global economic growth on average. The relationship between China and the WTO has undergone historic changes, gradually transforming from a passive acceptor and active conformer of international economic and trade rules to an important participant. The facts have shown that China's accession to the WTO has not only accelerated its own development but also benefited the world. This major decision was completely correct.

Xi Jinping emphasized that in participating in the reform of the WTO, we must firmly uphold the authority and effectiveness of the multilateral trading system with the WTO at its core, and actively promote the normal operation of the WTO dispute settlement mechanism. We must firmly stand on the right side of history, adhere to the general direction of economic globalization, firmly advocate free trade and true multilateralism, oppose unilateralism and protectionism, oppose the politicization, weaponization, and over-securitization of economic and trade issues, and promote the construction of an open world economy. We should uphold the concept of a community with a shared future for mankind, improve and refine the Chinese plan for comprehensive and in-depth participation in the reform of the WTO, and resolutely safeguard the legitimate rights and interests of developing countries, including China.

Xi Jinping pointed out that promoting reform and development through opening up is an important magic weapon for China to continuously achieve new achievements in modernization. This year marks the 45th anniversary of the reform and opening-up policy. We must continue to do a good job in our own reform, not only by expanding the door of opening up but also by steadily advancing the path of reform. We should actively align ourselves with high-standard international economic and trade rules, steadily expand institutional opening-up in terms of rules, regulations, management, and standards, accelerate the construction of new highlands of opening up, and build a new system for a higher level of open economy, and accelerate the construction of a new development pattern. We should actively create a market-oriented, rule-of-law-based, and internationalized first-class business environment, take the opportunity to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), further stimulate import potential, relax market access, promote the deep development of multilateral and bilateral cooperation, and enhance the attractiveness to foreign investment. We should accelerate the construction of a strong trading nation, upgrade merchandise trade, innovate service trade, develop digital trade, and move towards digitization and greening, further enhancing our position in the global division of labor and advancing towards the high-end of the global value chain. At the same time, it is important to maintain national economic security.

Xi Jinping emphasized the need to develop strong capabilities to effectively manage high-level opening-up. We should conduct investigations and research, summarize and make good use of our successful experiences in open development, strengthen strategic, systematic, and forward-looking planning for opening-up work, thoroughly understand and grasp the new situations and problems in the international economic and trade field, and have a clear understanding, effective strategies, and decisive actions. We should enhance our ability to use international rules to safeguard our development rights and interests, and accelerate the building of a highly professional team for opening-up that is politically strong, highly skilled, and has good work ethics. We should coordinate openness and security, safeguard security and promote interests in the struggle, seek cooperation and strive for win-win outcomes.