President Xi Jinping speaks at the National Financial Work Conference in Beijing July 15, 2017.[Photo/Xinhua]

Nearly 40 years after China first implemented its opening-up policy, which facilitated its remarkable economic development and social progress, the country now stands at a new starting point for further opening up.

To upgrade its industry and transform its development model, China cannot afford to ignore the indispensible roles foreign capital and advanced technology have played in raising China's overall development level over the past decades.

China needs to amend its laws and rules on the entry and administration of foreign investment and ventures as soon as possible. The authorities need to grant national treatment to them, so as to ensure fair competition between Chinese and foreign companies.

Without a fair, transparent and well-regulated investment and business environment, it will be impossible to make good use of foreign investment and boost technological innovation.

The government must put an end to the arbitrary fees and fines imposed on enterprises. To protect their interests, it should draw up a list of reasonable fees and prevent various levels of administrative power from intervening in the operation of the market.

Continuing the opening-up policy that has stood the country in such good stead leaves the government no choice but to commit itself to the arduous challenge of institutional reform.

For instance, furthering the financial sector's opening up entails a market-based renminbi exchange rate mechanism, as well as reform of the related supervisory system.

History has shown China's development not only serves itself, but also provides the world with opportunities, and that China is not only a beneficiary of economic globalization, but more importantly, a contributor to the process.

-Xinhua News Agency