Helping each other succeed in new era of globalization: China Daily editorial

China's development and its contribution to global economic growth since it looked outside to the wider world, particularly after it became a member of the World Trade Organization in 2001, highlights the reciprocal benefits that are realized in the transition from isolation and exclusion to openness and integration.

Similarly, the increasing risks and uncertainties that are currently destabilizing the global economy highlight the damaging potential of a country retreating into a shell of insularity and withdrawal — the effects being especially evident when the country concerned happens to be the world's largest economy.

But global integration is an unstoppable and irreversible trend. More opportunities and mutually beneficial outcomes are generated through cooperation rather than trying to bully gains from others.

Which is why, speaking at the opening of the Summer Davos Forum on Tuesday, Premier Li Keqiang again reiterated China's promise to build a market-oriented, internationalized business environment based on the rule of law and pledged the country's unswerving commitment to further opening-up.

This commitment was manifested in the shorter negative lists for foreign investments released on the weekend, with the government focusing on greater openness in the agriculture, mining, advanced manufacturing and the service sectors, and encouraging investments in the country's relatively less-developed central and western regions.

Likewise, the country is accelerating the removal of the caps on foreign ownership of brokerages, futures dealers and life insurers by 2020, a year ahead of the previous plan, as part of its efforts to open up its financial sector. And Li pledged to implement the commitment to give national treatment to foreign-funded institutions in areas of credit information, credit rating and payment.

As its business environment improves, the country will become more open, transparent and predictable for foreign enterprises and greater opening-up will ensure foreign investors will have more access to the vast Chinese market.

Indeed, China's continual opening-up will be a boon for global trade and investment as a whole, especially considering the rising tide of protectionism that is disrupting the normal global flows of capital and goods and threatening to break the global supply chains.

As President Xi Jinping said in his speech at the G20 Summit in Osaka, countries must not become prisoners of short-term interests. The fundamentals of the Chinese economy remain sound and despite the headwinds of trade frictions and restructuring, it continues to contribute about one-third of the global economic growth each year.

China will continue to adhere to its chosen development path and pursue greater integration with the region and world. In so doing, and by opening its own door wider, it will present more opportunities for other economies so they too can succeed in the new era of globalization.