context: Amid geopolitical tensions, Beijing faces the challenge of upholding its security agenda while maintaining external confidence in its openness to trade and investment. To respond to decoupling calls, Beijing needs to join hands with partners in the Global South to amplify its voice in international forums like WTO (World Trade Organization) and CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership).
President Xi Jinping 习近平 emphasised high-level opening-up in the eighth Politburo study session on WTO rules and reform on 27 Sep 2023. Xi directed the administration to
- actively participate in WTO reform
- the PRC should realise the importance and urgency of WTO reform and lead efforts in this area with a sense of responsibility and entrepreneurship
- support free trade, economic globalisation and the functioning of the WTO dispute settlement system
- defend the legitimate rights of the PRC and other developing countries
- oppose unilateralism, protectionism and weaponisation of economic and trade matters
- understand the PRC's entry into the WTO has been entirely correct as demonstrated by the dramatic growth of Chinese foreign trade
- the PRC should realise the importance and urgency of WTO reform and lead efforts in this area with a sense of responsibility and entrepreneurship
- undertake ‘institutional opening’ to join trade pacts like CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) and DEPA (Digital Economic Partnership Agreement)
- further promote opening up to trade and foreign investment
- help domestic industries advance towards the higher ends of the global value chains
- pay attention to national economic security
- build a competent, highly skilled, well-disciplined and high-standard specialised team in charge of opening up