The third wave of China’s open door policy

Abstract

In a world that is changing dramatically, China needs a third wave of opening. This article addresses several issues, including what the third opening looks like based on the two previous openings in modern China, why a third opening is necessary, and how to open up to the outside world in the future. In particular, a new period of strategic opportunity is required to solve the problem of “being scolded” and to achieve China’s sustainable development. This period will be created more proactively and unilaterally through five approaches, namely, (1) harmonizing domestic market standards, (2) reorganizing and re-identifying existing international rules, (3) modernizing the governance system, (4) allowing local and social level openness, and (5) promoting negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and advancing the U.S.–China Bilateral Investment Agreement negotiations. With respect to internal and external circulation, China can integrate domestic and international markets and internationalize China’s rules while aligning with the international community. Ultimately, the internationalization of China’s rules will be achieved through the integration of domestic and international markets.