Opening-up is one of China's basic state policies. During the 14th Five-year Plan period,China will persist in carrying out opening-up policies on a wider scope, in a wider range of areas, and at a deeper level. The speakers had in-depth discussion about key areas of and major initiatives for opening-up under the new development pattern, and gave insights into how China can establish a new system for higher-level open economy and how nations across the globe can jointly implement reforms on global governance system.

The Chinese leaders have stressed repeatedly that a new development pattern underlines domestic circulation and international circulation with higher level of openness. The new development pattern is built not only for the need of development in China, but also for the benefit of all nations. With the improvement of residents' living standards at home, demand for high-end consumer products, intermediate products, capital goods and services has increased over the years. The gap between demand and supply remains large. Thus, it is necessary to expand opening-up and increase import to fill the gap. A higher level of openness will in turn advance in-depth reforms, further facilitate supply chains and build an effective, standardized and open international market.

China is in an urgent need to integrate optimal global resources and optimize allocation of production factors through international circulation to promote high-quality development. High-level opening-up and optimized environments will bring about high-quality foreign investment, and drive forward upgrade of industrial chains and supply chains to create a new edge in international competitive and cooperation.

China takes its lead in response to COVID-19, contributing over one-third to the global economic growth. China cannot develop in isolation from the rest of the world. The world cannot enjoy prosperity without China. Leveraging the large market in China, we promote international cooperation to achieve common prosperity.

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