The development of an open economy in China—A retrospective analysis of 30 years of opening to the outside world

PEI Changhong (裴长洪)
Director, Institute of Finance and Trade Economics, Chinese Academy of Social Sciences

Abstract:

The development of an open economy was first mentioned in The Decision on Setting up the Socialist Market Economic System, reached at the Third Plenary Session of the 14th CPC National Congress. The 15th CPC National Congress further underscored the importance of developing an open economy. Subsequently, the concept “open economy” was repeatedly cited at the Fifth Plenary Session of the 15th CPC National Congress and the 10th Five Year Plan, etc. The Report to the 17th CPC National Congress rightly asserted that China “has entered a new stage of open economy.” The 30 years of opening to the outside world have been a historical process of establishing and developing an open economy in China. Summarizing this process can help us better understand the characteristics and patterns of China’s open economy and more wisely pursue further improvement.

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