Think tank experts and business leaders gather to discuss China's reform and opening up

The 2018 Development Research Think Tank Forum is held in Beijing on November 26th, 2018. [Photo: Economic Daily]

Experts in the business sector have expressed support for China's new round of reform and a higher level of opening up.

They were speaking at a symposium in Beijing on the reform and opening up and the country's achievements over the past 40 years.

Experts and business leaders from China and abroad took part in the 2018 Development Research Think Tank Forum held on Monday. They engaged in robust discussions on the topic China in the Backdrop of Forty Years of Reform and Opening Up.

The deputy director of the Development Research Center of the State Council, Ma Jiantang, says China's comprehensive national power has constantly been strengthened over the past forty years, with people's living standards being improved and the economic structure upgraded constantly.

As the largest manufacturing center globally enjoying a higher international status, nowadays, Ma says China's added value from the service industry has exceeded more than half the country's GDP.

"In 1978, China's GDP only accounted for 1.8% of the world's total, less than one fifth of that of Japan and only one sixteenth of that of the U.S. In 2017, China's GDP accounted for 15% of the world's total, 2.5 times that of Japan and 63% of that of the U.S. The total volume of imports and exports reached 4.1 trillion US dollars and the foreign exchange reserve surpassed 3 trillion US dollars," says Ma.

China's rapid and robust development in the past forty years, has also contributed to world progress and prosperity.

Ernst & Young China is one of the many foreign enterprises that have benefitted in the process.

Ji Dejiang, who is a partner in the company, says Ernst & Young's business has enjoyed rapid growth.

"A constantly perfected capital market system can provide a foundation for consultation companies to develop their auditing businesses. A sound taxation system is the prerequisite for providing taxation consultations. At the same time, enterprises' normative operations also give rise to demands for consultation services. Therefore, EY China has developed quite rapidly in the past few decades with over 16,000 staff workers. All this demonstrates that the development potential for foreign enterprises in the Chinese market is huge," says Ji.

The Chinese government has reiterated its resolve to launch a new round of reform and a higher-level opening up.

Ma Jiantang suggests the Chinese government further streamline administration and delegate power, transform the functions of the government, and ensure the market plays a decisive role in resources allocation.

"In the future, we should quicken the pace of integrating the domestic and foreign laws and regulations and ensure foreign enterprises enjoy equal treatment in laws and regulations after entering China. The IPR protection laws and regulations should be improved and tougher penalties should be imposed on IPR infringement and violation and conditions should be created to improve trade liberalization and facilitation," says Ma.

This year, China has adopted a slew of steps aimed at furthering opening up.

These include tariff reduction on imported goods and the release of a new negative list for foreign investment access.