MOHAN, YUNNAN PROVINCE—China's commitment to global economic integration has been markedly reinforced through expansive trade and investment reforms, with Mohan, a small town in Yunnan Province, serving as a pivotal gateway in this initiative.
According to Namibia Press Agency, Mohan has significantly contributed to China's international trade, handling over 10 million tonnes of freight via the China-Laos Railway since its inception in December 2021. This freight includes diverse commodities like fresh fruits, coffee, air conditioners, and new-energy vehicles, highlighting Mohan's strategic role in regional trade. The town's development into a major transport hub emphasizes its importance in linking China with Laos and facilitating new economic opportunities under China's policy of high-level opening up.
China's trade and economic policies have evolved dramatically since the founding of the People's Republic 75 years ago. From a modest foreign trade volume of $1.1 billion in 1950, China's trade in goods reached a staggering $5.9 trillion in 2023, accounting for 12.4 percent of global trade. This growth extends to the service sector as well, where China's service trade import and export volume soared to $933.1 billion in 2023, ranking fourth globally.
The implementation of policies to boost foreign investment and trade has been pivotal. China's import policies have diversified to include over 200 countries and regions, underpinning initiatives like the China International Import Expo and other international fairs that facilitate global market access. Additionally, tariff reductions have brought China's overall tariff level down to 7.3 percent, aligning it with developed countries' averages, and recent policies have granted zero-tariff treatment to all least developed countries with diplomatic ties to China.
Institutional reforms have further underscored China's commitment to international economic integration. The establishment of 22 pilot free-trade zones across various regions reflects a strategic approach to foster trade and investment. The continuous shortening of the negative list for foreign investments, which reached a new low in the 2024 iteration, exemplifies China's drive to liberalize and attract foreign capital. Moreover, the announcement to permit wholly foreign-owned hospitals in major cities and regions marks a significant step in opening up the healthcare sector to international players.
China's policy direction, reaffirmed at the third plenum of the 20th Central Committee of the Communist Party, continues to stress the importance of opening up for reform and high-quality development. These efforts are aimed not only at enhancing China's economic standing but also at providing new growth momentum for the global economy.