Rewritten Article:
Economies that prioritize development without considering the importance of openness will ultimately suffer from stagnation and insecurity. China's 45-year reform and opening up policy serves as a prime example of how warranted openness can lead to positive interactions and significant progress.
The question of whether an economy should be more open depends on the level of warranted openness. This concept is closely tied to an economy's capacity to engage with the outside world. The term "warranted openness" refers to the level of openness that is supported by an economy's capacity. As long as an economy remains within the boundaries of warranted openness, the more it can open up, the more it will develop and secure its position. Evaluating a country's openness capacity involves considering its views on openness, systems for openness, and available resources.
Warranted openness and openness capacity require an evaluation of a country's development stage, avoiding excessive conservatism or blind boldness. As a country develops and builds its openness capacity, warranted openness also grows progressively.
A country's capacity to open up and its actual level of openness are mutually reinforcing. By focusing on nurturing its openness capacity, a country can handle greater openness and reap higher benefits from it. On the other hand, high-level openness is crucial for cultivating openness capacity, which can only be achieved through global competition and cooperation rather than remaining stagnant.
In today's global economic and trade landscape, cultivating openness capacity is particularly important to counter the rise of protectionism and encourage countries to continue opening up. According to the World Openness Report 2023, the World Openness Index 2022 has declined by 0.4 percent from 2021 and 5.4 percent from 2008, indicating a downward trend over the past 15 years with no signs of a stable foundation for recovery.
Despite the sluggishness in openness policies and performance, there is still hope. According to the World Bank's classification, five out of seven regions, including North America and Europe, have experienced a decline in openness, with only South Asia as well as East Asia and the Pacific showing signs of improvement.
It is worth noting that emerging markets and developing economies are playing an increasingly important role in promoting global openness. From 2008 to 2022, the BRICS countries, countries involved in the Belt and Road Initiative, emerging markets and developing countries, and economies in East Asia and the Pacific have all seen rising openness indexes. The cultivated capacity of these economies will strengthen the tailwinds of openness.
China stands out as a prominent champion of global openness and a remarkable supporter of the openness capacity of developing countries. The Belt and Road Initiative, for instance, plays a major role in advancing the United Nations Sustainable Development Goals and nurturing the development and openness capacity of partner countries. By promoting infrastructure connectivity, unimpeded trade, and financial integration, the initiative helps partner countries enhance their openness capacity related to resources. Through policy coordination and people-to-people connections, it assists countries in building systems for openness. Aligned with China's development and openness philosophy, the initiative encourages partner countries to adopt favorable views on openness.
China's modernization journey provides valuable insights and references for the development and opening up of other developing countries. With a strong emphasis on high-level openness throughout its modernization process, China's key takeaways lie in the balance between opening up and development, as well as ensuring that the benefits of openness are shared by the entire population. Its experiences and achievements serve as a valuable reference for developing countries in constructing systems and adopting views that promote openness.
In recent years, the cause of global openness has faced significant challenges. Fostering new momentum to expand openness is crucial for overcoming these obstacles. China will continue to uphold economic globalization, support countries worldwide, especially developing ones, in building capacity and expanding openness, and strive to share the benefits of openness. China remains committed to promoting the building of an open world economy and a community of shared future for mankind. (This article was originally published in China Daily on November 22, 2023.)