China to unswervingly expand all-around opening up: official

China will unswervingly expand all-around opening up and push economic globalization toward being more open, inclusive, balanced and beneficial to all, an official with the country’s top economic planner said yesterday.

Journalists raise hands for asking questions via video link during a press conference on the sidelines of the ongoing 20th National Congress of the Communist Party of China in Beijing yesterday. Xinhua

There has been misunderstanding about the new pattern of development that is focused on the domestic economy and features positive interplay between domestic and international economic flows, Zhao Chenxin, deputy director of the National Development and Reform Commission, told a press conference on the sidelines of the ongoing 20th National Congress of the Communist Party of China (CPC).

He said it is wrong to think that by focusing on the domestic economy China will scale back its opening-up efforts or even turn to a “self-sufficient economy.”

Economic globalization has become an irreversible trend, he said, adding that China is already deeply integrated into the global economy and the international system, and the industries of China and many other countries are highly interconnected and interdependent.

He said fostering a new pattern of development is important for China to achieve development that is of higher quality and is more efficient, fair, sustainable and secure.

The Chinese economy has posted a notable trend of recovery in the third quarter of this year, according to him.

China will further intensify its efforts to encourage foreign investment, he said.