Open economy has become a "trademark" of modern China, Chinese First Vice Premier Han Zheng said on Tuesday at the World Economic Forum (WEF) in Davos, adding that the country has made a significant progress in integrating into the global economy during the last 40 years
MOSCOW (Pakistan Point News / Sputnik - 21st January, 2020) Open economy has become a "trademark" of modern China, Chinese First Vice Premier Han Zheng said on Tuesday at the World Economic Forum (WEF) in Davos, adding that the country has made a significant progress in integrating into the global economy during the last 40 years.
Switzerland's resort village of Davos is hosting the 50th Annual Meeting of the WEF, gathering more than 50 heads of state and government. The forum will run until Friday.
"Since the start of reform and opening up more than forty years ago, China has embraced economic globalization, pursued development with its door open and succeeded in transforming a closed and semi-closed economy into a fully open economy. Opening has become a trademark of today's China," Han said, streamed on the forum's website.
The vice premier also said that the country had made remarkable achievements in integrating into the global economy and was currently the second largest economy and leading industrial manufacturer in the world. In addition, by the end of 2018, poverty rates decreased across the country to 1.7 percent as China put in place the basic framework of the world's biggest social security system, covering the largest population as well as various aspects of people's lives, including health care, housing and education.
According to Han, while the country is a beneficiary of economic globalization, it also contributes to sustainable development. He added that China was "the leading engine" of the world economy.
