This is Hainan

Buildings hug the coast of Haikou Bay, South China's Hainan province. [Photo/VCG]

High-level opening-up will promote high-quality development during the 14th Five-Year Plan, beginning in 14 months, according to experts attending the 85th International Forum on China Reform in Haikou, capital of Hainan province.

During the period covered by the 14th Five-Year Plan - 2021-2025 - China will tilt the focus of opening-up from the manufacturing industry to the services sector, and from the opening of the commodities market to the opening of institutional systems, said Kuang Xianming, director of the economic research center at the China Institute for Reform and Development, a leading think tank that is studying thoughts on reform and opening-up during the next five-year plan, adding that China will also strive to promote economic globalization.

"Continuing the upgrading of China's industrial structure, consumption structure and urban-rural structure will breed huge domestic demand potential, which should be the key power to support the nation's economic growth of about 6 percent in the next five years," Kuang said.

Zheng Jingping, former deputy director of the National Bureau of Statistics, said that it will not be easy to achieve a 6 percent growth target, but there are favorable conditions to back up the expectation: the government's determination to continue to open up, social stability, a sound foundation of infrastructure and economic development, and a huge domestic market.

On the domestic front, he said the country should continue to modernize and improve the capacity of its governance system, encourage scientific and technological innovation and upgrade the incentive mechanism for enterprises and individuals.

Meanwhile, internationally, China should unite and mobilize all possible forces to build a new international order, making full use of and improving existing global mechanisms.

Peng Sen, president of the China Society of Economic Reform, said, "Entering the 14th Five-Year Plan period, China will continue to face and handle a number of big issues such as the coordinated development of urban and rural areas, the reform of the finance sector and the capital market and the fastgrowing aging problem.

"China should focus on its own problems. That would be a wise choice to deal with worldwide complexity and challenges.

"The game between China and some big countries is not a simple zero-sum game. Our goal is to compete, cooperate and create a win-win situation."

Participants at the forum agreed such global changes meant China should be prepared to face challenges and take advantage of opportunities during the period covered by the 14th Five-Year Plan.

Gisela Farber, a professor at German University of Administrative Sciences Speyer, received applause when she introduced the better regulation program practiced in Germany to forum participants, as China's central government is making law-based governance an essential requirement and important guarantee for socialism with Chinese characteristics.

"At present, not only Germany, but also many OECD countries are paying attention to the issue of compliance cost," she said.

"The better regulation program has reduced administrative burdens by 25 percent since its introduction in 2006."