On the 40th anniversary of its reform and opening-up this year, China's overtures of opening up further as it enters a new stage of development are a positive signal to the market, said a South African business leader on Friday.
In an interview with Xinhua, Martin Kingston, vice president of the Business Unity South Africa (BUSA) and chief executive officer of Rothschild (South Africa) Proprietary Limited, said investors want safeguards and assurances, so the emphasis on protecting intellectual property while also adopting a market-friendly stance will ensure that China remains competitive.
At the annual conference of the Boao Forum for Asia this year, China outlined a new policy that highlights more measures for free trade and investment, including lower tariffs for automobiles and other imports.
The commitment made by China might also open opportunities for greater economic collaboration within BRICS, according to Kingston.
Kingston hailed the great success of China's economic transformation through the reform and opening-up policy, saying that China's remarkable growth, manifest on its rising living standards, bears tangible testament to the success and efficacy of its opening up policy.
"Out of all the BRICS countries, China has attracted investment from top Fortune 500 companies, with some home-grown successes making it on the elite group of companies whose market capitalisations exceed some countries' GDP."
China on Friday announced the 100-day countdown to the opening of the China International Import Expo (CIIE), which will be held in Shanghai on Nov. 5-10. More than 2,800 companies from overseas will participate in the expo, including over 200 businesses on the Fortune Global 500 list.
Commenting on significance of the event, Kingston said it is a welcome move of reassurance from China, as it is a key player in global trade.
"Opening up its markets and collaborating in these areas will further enhance its economic potential," he said.
According to Kingston, it is a positive and reassuring statement that China remains ready to work and collaborate with its trade partners for mutual benefit, stressing that in the BRICS context, China is South Africa's biggest trade partner and South African business circle welcome China's commitment to these objectives.
Amid trade protectionism rising in the West, Kingston said, "the efficacy of the global economy, and by extension world trade, is premised on multilateralism."