China to remain open to world in next 5 years

China will remain open to the world and emphasize cooperation with other countries in the next five years, said a leading Chinese economist.

This is part of the message from the Communist Party of China Central Committee's proposals for China's development blueprint in the next five years and for long-range objectives in the next 15 years. They were adopted at the Fifth Plenary Session of the 19th CPC Central Committee, which ended on Oct 29.

"The opening-up will aim for higher standards and require continuous joint efforts with the rest of the world," said Zhu Min, chairman of the National Institute of Financial Research at Tsinghua University, on Tuesday at a forum organized by the Center for China and Globalization. He was former vice-president of the International Monetary Fund.

China will continue its opening-up to the world and export more services as it adopted a "dual-circulation" development paradigm, Zhu said. The paradigm involves "internal circulation" (domestic economy) and "external circulation" (global economy) and aims to integrate the former with the latter to create a new dynamic for domestic and global growth.