3.Upholding and advancing economic globalization
China is an active participant in and a firm supporter of economic globalization. We are ready to join the international community in taking proactive measures and strengthening guidance to make the process of economic globalization more dynamic, more inclusive and more sustainable. China will follow a more proactive opening-up strategy, work to create a more comprehensive, diverse and deeper opening-up structure, achieve mutually beneficial progress in a broader way, and uphold and promote economic globalization through concrete actions.
Opposing unilateralism and protectionism. China is fully committed to a multilateral trading system with the WTO at its core. It is keen to extend cooperation with other countries on the basis of equality and mutual respect, and to jointly maintain the stability and development of the global economy and trade. China advocates compliance with the WTO rules to address issues in international trade through dialogue and consultation based on mutual respect, equality, mutual benefit, cooperation and good faith. Threats of a trade war and continuous tariff hikes will never help to resolve economic and trade issues. China is a mature economy with a complete industrial system and
industrial chain, vast markets, and vibrant momentum for development. We can never be defeated or weakened by a trade war. China is confident of meeting challenges head on, turning risks into opportunities, and opening new chapters.
Opening wider to the outside world. Opening up has been key to China's economic growth over the past years. In the same vein, further growth in the future can only be achieved with greater openness. We have launched and will continue to implement a host of major opening- up measures, giving equal emphasis to "bringing in" and "going global", and making new ground in opening China further through links running eastward and westward, across land and over sea. With lower overall tariffs, a shorter negative list, easier market access, more transparent market rules, and a more attractive business environment, China will build an open economy of higher quality, bringing more opportunities for growth, transformation and innovation to the world. We welcome more foreign friends to study, work and travel in China. China will devote more energy to "going global", encourage more Chinese enterprises and institutions to invest and develop outside China, strengthen economic and cultural exchanges and cooperation, and build new platforms for mutually beneficial cooperation. China will continue to ensure the success of the Belt and Road Forum for International Cooperation, and make every effort to develop a world-class China International Import Expo, fostering new demand and drivers for its opening up and global economic growth.
Moving faster to promote regional economic integration. China will speed up the implementation of its free trade
zone strategy, and build a high-standard network of free trade zones that focuses on neighboring countries and regions, radiates out through the Belt and Road, and opens to the world. We will continue to help secure agreement on the Regional Comprehensive Economic Partnership, and speed up negotiations on the China- Japan-ROK Free Trade Agreement and the China-EU investment treaty. China will work on the Free Trade Area of the Asia-Pacific and an East Asia economic community, support the development of the African Continental Free Trade Area, advance regional economic integration, and promote liberalization and facilitation of trade and investment, reinforcing the momentum for economic globalization.
Continuing internationalization of the Renminbi. The internationalization of the Renminbi has broadened monetary settlement options for global trade and promoted diversity in the international monetary system. It aims to supplement and improve rather than change the current system. It is a market-driven process based on the principle of respecting market demand and serving the real economy. While advancing the market-based reform of the Renminbi exchange rate and the opening of domestic capital and financial accounts in a prudent and orderly way, China will continue the internationalization of the Renminbi, raise financial standards, and further internationalize its financial sector, thus enhancing converging interests with other countries and contributing to international financial stability.