Host: China's relevant departments have constantly released a lot of policies to expand opening up. What are the differences in China's new round of opening up?
President Sang: Today's China has some new characteristics in the process of opening up. First of all, we have shifted from opening up mainly to developed countries in the past to opening up to all countries in the world. The scope of our opening-up is not only mainly for developed countries, but also for all global markets. Second, in the past, China mainly introduced foreign investment, but today it is more of a two-way opening-up, both to bring in and to go out. Today, China has entered a new stage of all-round opening up.
Host: At this stage, China is relatively rich in funds and foreign exchange reserves. To further open the market, we need to focus on the quality of foreign investment, rely on the business environment, and encourage foreign investment for domestic sales. How should we understand this aspect?
President Sang: in the initial stage of China's opening up, when it introduced foreign investment, it was mainly to make up for China's shortage of foreign exchange and capital. Today, the double gap has disappeared and turned into a double surplus. International investment is not only a tool of capital, but also an information channel of technical management knowledge. It is a complex of multiple elements and a carrier of multiple competitiveness. After a long period of growth, China has entered a new stage of industrialization. In the process of transformation and upgrading, China needs continuous technological progress and supply of high-quality production factors. Foreign investment can make an important contribution to the transformation and upgrading in this innovative development. At the same time, President Xi Jinping put forward the idea of building a community of human destiny, and we need to provide more opportunities for cooperation and development for all countries in the world.
Host: In finance and service, how should we look at foreign capital?
President Sang: in fact, China's financial service industry is relatively backward on the whole. Under the planned economy, we exclude the development of service industry, so our finance naturally lags far behind. In this case, we need to introduce a competitive mechanism. On the one hand, the state-owned financial system is developing, the private financial system is also developing, and the supply subject is increasing. Today, with the preliminary construction of a competitive financial system, the competitiveness of China's own banks, insurance companies, securities companies, etc. is also constantly improving. China is fully capable of cooperating with some international first-class financial enterprises to develop together, and can bear the risk of competition in the process of cooperation and competition.
Host: Many Chinese enterprises have the strength to compete with foreign-funded enterprises in the domestic market. It is China's established great work of opening up to the outside world. China will open up independently according to its own needs and in accordance with the established timetable and road map, and will not change its course because of external pressure. How should we understand this? Is China more confident than before?
President Sang: The more open we are and the more we understand the outside world, our self-confidence will be further improved. China has found that opening up to promote reform and development has been a very successful experience in the past 40 years. It is precisely because of this experience that our country will open wider and wider, and the degree of openness will be higher and higher. China has embarked on the road of opening up in accordance with its own practice and experience and the general law of economic development in the past. In the future, China will certainly become an important force in promoting the process of economic globalization. In the process of economic globalization, traveling with other countries in the world will bring more benefits to the development of all countries in the world. Because of this, China is actually going further and further on the road of independent opening up.
