China pledges to open up its economy to the world in 2025

The People’s Republic of China has announced that it is ready to open its economy up to the world in 2025. This much was confirmed by the National Development and Reform Commission (NDRC) on Friday in a statement seen by AFP

This statement comes a few days before the inauguration of Donald Trump, who is widely considered as unfriendly to China, as the President of the United States.

China continues to suffer from the effects of the COVID-19 pandemic five years after the virus was first confirmed in Wuhan.

The country’s housing sector is plagued by a debt crisis, as is its youth unemployment, which is high and its consumption, which is low.

Fears lie ahead of Donald Trump’s inauguration on January 20, 2025, with the outspoken Republican viewed as unfriendly to the Asian nation.

In his first term, he increased tariffs on Chinese imports and has vowed to repeat the same upon assumption of office.

The nation remains unperturbed as it remains committed to opening up its economy to the outside world.

“No matter how the external environment changes, full of uncertainty, China’s determination and actions to open up to the outside world will remain unchanged.

“In the new year, we will certainly take many new measures to steadily expand systemic openness and further build a business environment that is marketised, under the rule of law, and internationalised,” the deputy director of the National Development and Reform Commission (NDRC), Zhao Chenxin, stated during a press conference on Friday.

He hopes that manufacturing, modern services, high-tech, energy saving and environmental protection would benefit from China luring foreign investment.

One big challenge for China’s economy, however, remains its ageing population.

The Asian giants will, nonetheless, look to overcome these challenges to reaffirm its place as the world’s second-largest economy.