Developing an open economy and the Belt and Road

An open economy is an important concept that has been continuously enriched and improved in the process of China’s reform and opening up. It covers major theoretical topics such as economic systems and structures, open strategies, participation in global economic governance, and formation of new advantages in participating in international economic competition and cooperation. ¹ In 1993, the 3rd Plenary Session of the 14th CPC Central Committee put forward the concept of “an open economy” for the first time and required that “we should make the best use of both domestic and international markets and resources so as to optimize the allocation of resources”. ² The main contents include: first, geologically, all-round opening up is stressed, and apart from advancing special economic zones and opening up of coastal areas, we must also focus on advancing the opening up of cities along the border and rivers and inland cities; second, we must deepen the reform of foreign trade system, and accelerate the conversion of foreign operation system for various types of enterprises; third, we must further actively introduce foreign capital, technologies, talents, and management experience.