Why open development is still important

Why is "Open Development" the fourth of the Five Major Development Concepts - President Xi Jinping's guiding strategy to transform China's economy and society - when "opening-up" has been the core of China's policy for almost four decades?

In the 1980s, opening-up meant allowing overseas capital to manufacture low-cost products with cheap labor. Now that China has become the world's second-largest economy, but faces complex structural problems such as industrial overcapacity and higher labor costs, a new kind of opening-up is required.

What exemplifies China's new kind of opening-up? Free trade zones, the Belt and Road Initiative and Chinese companies going abroad.