In 1978, China embarked on a path toward greater openness and connectivity with the international community, undertaking economic reform, promoting two-way trade and inviting foreign investment. The successful implementation of these first changes and those in subsequent stages of China's reform and opening-up process has brought China more than 40 years of rapid modernization, increasing prosperity and closer ties across the world.

Now, as the details of the 15th Five-Year Plan (2026-30) are being finalized, China is preparing to enter a new stage of international openness. In its recommendations for the formulation of the plan, issued on October 23, the Central Committee of the Communist Party of China called for the promotion of high-standard opening up and the creation of new horizons for mutually beneficial cooperation.

Specifically, the recommendations advocate the continued expansion of opening up at the institutional level, the safeguarding of the multilateral trading system and the promotion of broader international economic flows. The document underlines the importance of taking the initiative to open China wider, promoting the innovative development of trade, creating greater space for two-way investment cooperation and pursuing high-quality Belt and Road cooperation.

While the traditional model primarily attracted investment and trade through preferential policies such as tax incentives, institutional opening up emphasizes aligning domestic rules and systems with global best practice. It focuses on systemic reforms in legal frameworks, market access and regulatory practices to create a fair, transparent and predictable business environment. For instance, the recommendations urge greater openness in technological innovation, trade in services and industrial development. They also call for a more liberal renminbi capital account, which records the flow of investment and asset ownership in and out of China.

The Central Committee also recommended this greater openness be used as a source of momentum to propel China's own reform and development and to continue promoting common development by sharing opportunities with the rest of the world. China's experience demonstrates the tremendous value of globalization for building economies and improving living standards, particularly for countries of the Global South.

Through high-standard opening up, continued economic and social development, experience sharing and increased participation in global governance, China aims to defend and promote globalization as a path to greater shared prosperity.