Interview: China makes significant progress in building open economy: ADB economist
China has made significant progress in building an open economy over the past years, James Lynch, director-general of the East Asia Regional Department of the Asian Development Bank (ADB), has said.
"Exports from China have been boosted by the expansion of free-trade zones, cross-border e-commerce, and increased trade services," Lynch told Xinhua in a recent written interview.
On the import sector, Lynch pointed out that the amount of goods that China bought from overseas have also increased in the past years, providing greater opportunities for foreign firms.
The foreign investment law took effect in China at the beginning of this year, giving better protection to the interests of foreign investors in the country.
Lynch lauded the law, saying that as a result, more foreign companies, like foreign banks and insurers, have set up branches in China.
"There is no doubt that China is a major player in promoting regional cooperation and integration," Lynch said.
Lynch also noted that China is active in ADB's subregional cooperation programs, adding the Manila-based bank is looking forward to strengthening partnership with China to benefit developing countries across the Asia-Pacific region.
Established in 1966, the ADB is owned by its 68 members, of whom 49 are from the Asia-Pacific region.