Open-door policy will help sustain qualitative development

China remains committed to further opening up its economy despite the escalating trade frictions with the United States. So those who have doubts about China's future coarse can rest assured that China will stick to the road of reform and opening-up.

China's competitive advantage in foreign trade is based mainly on its low cost of production. Despite exports contributing a lot to its economic growth in the past decades, China has limited room for growth in the global trade of value-added goods.

In recent years, the cost of production for Chinese enterprises making export-oriented products has risen mainly because of the declining workforce, which has been an important factor for China's relatively low production cost and its export competitiveness for years. And the rising aging population has made matters worse for China's manufacturing sector.