China will continue to take the initiative in opening wider to the world, Chinese Premier Li Keqiang said on March 11 at a press conference after the conclusion of the annual session of the National People's Congress.

"The Chinese economy has become deeply integrated into the global economy, and shutting its door to the world will lead nowhere," Li said, adding that opening wider is what China itself needs, while it is also beneficial to the whole world.

Li’s remarks came as a response to concerns whether China’s efforts to foster a new development paradigm with domestic circulation as the mainstay and the domestic and international markets reinforcing each other will mean dwindling space for foreign investments. He emphasized that with the new paradigm, China is aiming at both an enlarged domestic market and wider opening up.

"The growing Chinese domestic market with rising domestic demand represents great opportunity for foreign products, services and investment," he said.

Using the conclusion of the Regional Comprehensive Economic Partnership agreement last year as an example, Li emphasized that openness requires the joint efforts of different countries. The agreement was concluded after eight years of negotiations among 15 countries, including the 10 ASEAN countries, China, Japan, the Republic of Korea, Australia and New Zealand, and forms the largest free trade zone in the world. 

“This is an FTA among countries different in social system, cultural heritage and stage of development. But its conclusion shows that with mutual respect and equality, countries with such differences can work things through and reach consensus that is in their common interests,” he said.

Li said the agreement is also important for keeping regional industrial and supply chains stable and boosting global economic growth. “As an important component of the world industrial and supply chains, China will continue to play its due role and live up to its due responsibilities,” he said.

Li pledged continuous efforts to uphold free trade around the rules of the World Trade Organization, saying that China will stay open and positive toward any multilateral or bilateral mechanisms that are mutually beneficial.

Li said the country will continue to shorten the negative list on market access for foreign investors, further open its services sector, and foster a world-class market-oriented business climate guided by sound legal framework. 

“We believe that through the process of expanding domestic demand and further opening up, China will remain a popular destination for foreign investment and a big market to the world,” he said.