Opening-up to pave the way for global economic development

China's determination to further reform and open up its economy will bring important opportunities for the continued improvement of the world economy and globalization.

Since last year, the world economy has continued to show good momentum, and specifically the growth of major developed economies has been relatively strong. But the foundation is not solid, and the global economy has not yet emerged from the adjustment period of sub-health and weak growth. The monetary policy of the major reserve currency issuing countries continues to tighten, implying a large spillover risk. The rise of trade and investment protectionism has also brought new pressure on the world economy.

Under this situation, it is imperative for the world economy to stimulate new impetus from both the demand and supply side, and to achieve smoother and more inclusive growth to withstand the risks of a new crisis and recession.