China initiates new round of reform and opening up

The Asian Infrastructure Investment Bank and the Belt and Road Initiative are among China's efforts to supplement the existing international order and overhaul global governance.

The phrase "opening up" frequently appears in policy statements and headlines at a time when China needs to find new sources of growth.

During a tumultuous summer, Chinese stocks were hit by repeated plunges and most of economic indicators were soft. Worries arose about whether China can sustain medium-to-high speed growth. Reform and opening up is China's solution. Last week, Xi said opening up and reform will add new impetus and vitality to the economy and provide new room for growth.

"China should be committed to attracting foreign investment and expertise, and improve opening-up policies," he said, addressing the 16th Meeting of the Central Leading Group for Deepening Overall Reform.

"The government will not change its policy toward foreign investment, and will protect the lawful interests of foreign-funded companies and provide better services for them," said a statement released after the meeting.

China promised to make a national "negative list" by 2018, of sectors which are not fully open to all market entities, both domestic and overseas. Border areas will explore new models of cross-border cooperation and new mechanisms for regional growth.

More State-controlled sectors will be opened to private investors and it will be easier for foreigners to apply for permanent residence permits.

China is becoming more interdependent on and interrelated to the world economy, said John Thornton, co-chair of Washington-based think tank Brookings Institution.

Regional and global cooperation and policy coordination can yield results satisfactory to all, he said.

"China has been on a course of reform and opening up for almost 40 years. That trend will continue," said Thornton.