Pathways for Elevating China’s Opening-up under the New Development Paradigm

Yang Danhui*

Institute of Industrial Economics (IIE), Chinese Academy of Social Sciences, Beijing, China

Abstract: Due to the superimposed impacts of new industrial revolution, the changing trade policy and the COVID-19 pandemic, the world has seen setbacks in globalization, contractions in the global value chain (GVC), and the risk of a fragmented global system. The once-in-a-century changes in our world today highlight the need for China to explore a new development paradigm based on new concepts. In the new era, China must not only come to terms with a backlash against globalization and challenges from the reshaping of international rules, but also breathe life into the “dual circulations,” i.e. domestic and international economic circulations. China must open up wider to the outside world to keep abreast with changes in today’s global governance system. In the complex and volatile international environment, we should explore new areas of development spearheaded by ins t itu t iona l open ing up , crea te new ga teways and p la t forms for open ing up and cooperation for mutual benefit, contribute to new global governance and security systems, and promote synergy between domestic and international circulations. In building a great modern socialist country, China must open up wider and be more inclusive to the outside world.

Keywords: new development paradigm, once-in-a-century changes, institutional opening up, global governance

JEL Classification Codes: F02

DOI: 10.19602/j.chinaeconomist.2021.05.04