Thread by @ChinaFinance40

After 70 years, it’s time to upgrade #China’s economic reforms. by Huang Yiping, cf40 academic committee chairman: eastasiaforum.org/2019/09/29/aft…

In 2012 China reiterated the two Centennial Goals. One is to double the 2010 GDP &per capita income for both urban &rural residents by 2021;two is to build China into a fully developed country that is prosperous, powerful, democratic, culturally advanced and harmonious by 2049.

Achieving the second Centennial Goal will be more challenging as the country has lost its low-cost advantage in the international marketplace, is experiencing dramatic population ageing and faces anti-globalisation externally.

The only way to sustain robust economic growth over the coming three decades is to pursue higher quality reform and open-door policies - Higher quality reform means that #China should complete its transition to the free market system.

Higher quality open-door policy means that China should aim at adopting an external policy regime of ‘zero tariffs, zero barriers and zero subsidies’. #Chinese efforts to continue to liberalise, even if unilaterally, will benefit the world economy as well as the Chinese #economy.

China should consider giving up its ‘developing country’ status under international #trade law. By doing so, China would not only benefit greatly from further #liberalisation itself but also assume a leadership role in supporting the open international economic system.