China does NOT challenge U.S. as the boss & still hopeful for improving U.S. ties, says fmr vice trade minister

Long Yongtu, China's Chief Negotiator for joining the WTO, says the greatest effort and sincerity should be made and shown to improve bilateral relations.

Long Yongtu was the Chief Negotiator for China’s resumption of the General Agreement on Tariffs and Trade (GATT) contracting party status and its accession to the World Trade Organization (WTO). In February 1997 he was appointed Vice Minister and Chief Representative for Trade Negotiations of the Ministry of Foreign Trade and Economic Cooperation, the predecessor to the current Ministry of Commerce. Long was Secretary-General of the Boao Forum for Asia from 2003 to 2010. He is the Chair of the Center for China and Globalization (CCG).

Long gave a public speech on April 22, 2023, elaborating on his insights on China-U.S. relations.

Notably, Long didn’t mince his words when interpreting President Xi Jinping’s remarks to President Biden at their summit in Bali, Indonesia last year:

“中国从来不寻求改变现有国际秩序，不干涉美国内政，无意挑战和取代美国。”我觉得总书记这句话，要通过我们的舆论多向美国人宣传，美国很少人知道中国最高领导人讲过这种话。

I think this statement by General Secretary Xi should be widely publicized by our media to the American people, as few people in the United States know that China’s top leader has made such a statement. 

“中国从来不寻求改变现有的国际秩序”，现有的国际秩序的核心是什么？就是美国是老大，我们不寻求改变现有的国际秩序、不干涉美国内政、无意挑战和取代美国，讲得很清楚

“China does not seek to change the existing international order,” and what is the core of the existing international order? It is that the United States is the boss. China clearly states that it does not seek to change the existing international order or interfere in the internal affairs of the United States, and has no intention to challenge or displace the United States.

Susan Shirk, the former Deputy Assistant Secretary of State in the Bureau of East Asia and Pacific Affairs, warned against the dangers of fatalism in U.S.-China relations a few days ago. Here in China, Long said

Some senior scholars studying China-US relations said China has no hope of improving relations with the U.S. I was shocked when I first heard this. I believe that the Central Committee of the Communist Party of China still holds hope for improving China-U.S. relations.

Long said part of Xi’s remarks last month were intended for Americans

General Secretary Xi stated, “China's policy of reform and opening up will remain unchanged over the long term. China is ready to collaborate with any nations that are interested in engaging in mutually beneficial cooperation to advance the shared prosperity and development of the global economy.”

Some of these words were intended for the American audience, meaning that the Central Committee of the Communist Party of China still holds hope for improving relations with the United States.

But it is unknown if the Chinese and Americans have truly absorbed this message. I hope the Chinese people take it to heart because some Chinese companies have started to avoid doing business with Americans and investing in the United States due to perceived high risks. If this trend continues, with Chinese enterprises believing that China has lost its ties with the US, China is actually actively promoting decoupling, which is a very dangerous trend. China must firmly believe that the economic and trade relations with the United States cannot stop, and China must make every effort to strengthen them. This is a critical point, and I hope everyone learns from General Secretary Xi’s words.

Long highlighted the historic ties, people-to-people relationships, and the U.S. contribution to China’s reform and opening up, calling it “undeniable” and saying that China must not forget this history.

Efforts should be made to improve the public sentiment between the two countries, which I still have confidence in. China and the United States have no historical grievances. We even fought side by side in World War II. Americans took the Boxer Indemnity Scholarship and built first-class institutions like Peking University, Tsinghua University, and Peking Union Medical College Hospital for China. Most Chinese people still have a favorable view of the United States, and many are willing to send their children to study there, indicating a fundamental recognition of the United States.

In fact, the United States contributed to China’s reform and opening up, and this is undeniable. China has maintained a significant trade surplus with the U.S. for a long time, and a large portion of China’s foreign exchange reserves comes from this surplus. The U.S. has made significant investments in China, contributing to China's economic growth in recent years. In the negotiations for China’s accession to WTO accession, it would have been nearly impossible to reach an agreement without the United States, Moreover, if the United States had acted in bad faith, the negotiations would have been hopeless. But after the U.S. took a positive attitude toward China’s accession to the WTO, the whole negotiations went very smoothly.  A significant part of the final agreement on our accession to the WTO came from the China-US agreement. We must recognize the role played by the United States in China’s reform and opening up and not forget this history. Now the economic and trade relations between China and the United States are also very close. Thousands of American and Chinese enterprises interact frequently every day. There are hundreds of thousands of Chinese students studying in the United States, with about ten million parents behind them, all willing to see the improvement of China-US relations. Moreover, people of Chinese heritage in the U.S. and around the world, as well as small and medium-sized countries worldwide, are willing to see an improvement in China-US relations. The two countries should not create difficulties for them to choose sides. Therefore, the greatest effort and sincerity should be made and shown to improve bilateral relations. A favorable public sentiment atmosphere needs to be created to provide more space and flexibility for China-US diplomacy. China and the US need to make continuous efforts to improve bilateral relations.

At the end of his speech, echoing Zheng Yongnian, Long floated several fresh, if not mind-blowing, options to deepen China’s reform and open up

If Hainan can also become a separate tariff zone under the WTO, similar to Hong Kong, issue its currency or even use Hong Kong dollars as its currency, which Professor ZHENG Yongnian has proposed, and implement full capital account liberalization with free capital movement, it would greatly accelerate the internationalization of the RMB.

Therefore, by including Hainan in financial and monetary cooperation with Hong Kong or having the Hong Kong Monetary Authority oversee Hainan's currency and capital markets, the situation would be different.

Moreover, there is an island next to Sanya. If it is rented to Macao for 50 years to develop the gambling industry, Hainan's tourism industry would be boosted immediately.

In short, how to incorporate Hainan Free Trade Port into the Greater Bay Area and give it a truly independent tariff system, independent currency policy, and independent financial policy is an excellent research topic.

Long made the speech at Baichuan Forum: Second Symposium on Theory and Practice of Chinese Political Economy: Chinese Modernization and High-Level Opening 2023, organized by the Institute of International Affairs (IIA), Qianhai of the Chinese University of Hong Kong, Shenzhen (CUHK-Shenzhen), where Zheng Yongnian is the President. The speech was compiled by an IIA team and published in its WeChat blog.

LONG Yongtu: Several Thoughts on Current International Relations

“Uncertainty” Is the Fundamental Feature of the Current International Relations

The fundamental feature of the current international situation, in short, is “full of uncertainty.” This is a great challenge because when the situation is rosy, there are tailored ways to handle it. When it’s bad, there’re tailored ways to handle it as well. But if the situation is full of uncertainty, it would pose a significant challenge to the political wisdom and judgment of leaders and to the adaptability and resilience of businesses.

Uncertainty can bring many troubles for those involved in economic affairs. When I was the Vice Minister of the Ministry of Foreign Trade and Economic Cooperation, I once met with a British delegation. The head of the British delegation said: "When we visit various places, we do not just look for preferential policies; we mainly look for stable policies. We can calculate how much money we can earn with preferential policies and how much we can earn without them. Even if your policies are not preferential, we will sign a contract as long as we can earn money. But if your policies are uncertain and full of variables, even if they are preferential, we dare not make up our mind." The importance of certainty can be seen from the perspective of economic affairs alone. Therefore, the current international situation presents a great challenge to us.

There are three main reasons for the uncertainty.

Firstly, the three-year pandemic brought China's communication with foreign countries nearly to a standstill. Face-to-face communication between people, businesses, and especially high-level officials of different countries has largely ceased. China's relationship with the United States and some other countries is fragile and delicate, and the lack of face-to-face communication for several years has resulted in mutual distrust. The lack of mutual understanding and mistrust brings about information asymmetry, resulting in misinterpretations, misjudgments, and misunderstandings. Over the past three years,  these issues have accumulated, serving as an essential reason for the uncertainty of the current situation.

The second reason is the Ukraine crisis. The suddenness of the crisis caused global concern. The biggest impact of the Ukraine crisis is that it united the Europeans and pushed them toward the U.S., which has changed the world's geopolitical landscape. Europeans were originally divided, but in the face of the Ukraine crisis, they united and sided with the United States, which is a great challenge for China. In addition, China's position on the Ukraine crisis has been misinterpreted. China wants to take a relatively balanced position by adhering to the principle of sovereignty and territorial integrity of the UN Charter and considering and addressing the major national security concerns of some countries. But this position has been misunderstood by Western countries and some developing countries, putting us in an awkward position on the Ukraine issue. Of course, this situation has improved recently after a series of efforts made by Chinese leaders. After the recent visit of [French] President Macron and some other European leaders to China,  China's position has been understood more accurately. Undoubtedly, the crisis in Ukraine has indeed led to a misunderstanding of China's perception by many countries, which has brought a lot of uncertainty. The Ukrainian crisis is still ongoing, and there is a lot of uncertainty about when negotiations will take place, whether negotiations will be successful or not. All of this uncertainty has caused significant problems for the world.

The third reason is that the China policy of the U.S. has greatly changed in the past few years. The U.S. has been tough on China, disregarding any international rules. The U.S. imposes precise sanctions on Chinese companies, attempting to exclude China from the global industrial chain, especially in vital sectors like semiconductors, and to crack down on our high-tech companies. China-US relations have always been a crucial part of China's foreign relations, and because of the lack of trust between the two countries, the U.S. suppression of China's economy over the past few years has indeed been a significant uncertainty in the current international situation.

Head-of-State Diplomacy Bears the Uttermost Importance

What can be done in the face of such a complex situation? China now wants to exert influence on the Ukraine crisis, but it is hard to predict the outcome. Moreover, it is hard to say whether the current China policy of the US will continue in this way. What can be done now is to reduce the misinterpretations, misjudgments, and misunderstandings over the years in the face of this uncertainty. Therefore, under such circumstances, special attention should be paid to strengthening mutual communication, gradually establishing or re-establishing mutual trust, and strengthening face-to-face exchanges and cooperation between people, businesses, and countries. I would like to emphasize in particular that head-of-state diplomacy is the most important.

In 2017, just under 100 days after Trump took office, the Chinese leader flew to Florida and had an exemplary China-US dialogue with him at Mar-a-Lago, which was a great success. Trump said at the time that the meeting led to an extraordinary friendship between the two leaders and achieved fruitful outcomes. Without the good personal relationship between the two leaders from the beginning, it would have been difficult to tell what the four years of the Trump administration's crackdown on China wold have been like - it might have been more than just a tariff agreement. The Economic and Trade Agreement between the Government of the  People's Republic of China and the Government of the United States of America, in fact, was disadvantageous to the US, but Trump agreed to sign it.

Therefore, this head-of-state meeting played a crucial role in maintaining the basic stability of U.S.-China relations during the four years of the Trump administration and demonstrated the importance of head-of-state diplomacy. In the face of the current uncertainty in China-U.S. relations, unremitting efforts should be made by China, starting from the grassroots level of diplomacy, and continuously engaging in communication, accumulation, and the creation of a favorable atmosphere at all levels. In the current situation, if head-of-state diplomacy is achieved through the efforts of both China and the United States, global uncertainty may be greatly improved.

Recently, President Macron underscored EU strategic autonomy during his visit to China. This is significantly affecting the geopolitical imbalance caused by the Ukraine crisis. From this perspective, I think it is essential to strengthen communication and build trust. If head-of-state diplomacy can be achieved, the world may be able to get out of the current predicament. Of course, it is still difficult and not entirely up to China, but China still needs to persist in its efforts.

Market-Based and Rule-Based Globalization Will Definitely Outdo Value-Based Globalization 

Globalization is critical for China’s opening up to the outside world and for every enterprise. Without globalization, China’s opening up would lack a fundamental and relatively stable international environment, and China’s enterprises would be unable to fully leverage global resources and markets.

The reason that China needs to open up is to utilize two markets and two sets of resources. [Note: “two” refer to domestic and foreign.] The reason that China engages in globalization is to improve production efficiency and meet consumer choices by utilizing global markets and resources. REN Zhengfei once used Huawei as an example to illustrate globalization, saying, “What is globalization for us? Huawei uses the world’s best components and production equipment to produce the best products, this is globalization.”

However, globalization is encountering great difficulties today. Before World War II, the basic principle of globalization was the law of the jungle: the big fish eats the little fish, and the winner takes all. After World War II, the Western countries led by the United States learned the lessons of World War I and World War II and began to engage in multilateralism, establishing the United Nations, the World Trade Organization, the International Monetary Fund, the World Bank and other multilateral institutions, as well as a set of international rules. Therefore, globalization in the decades after World War II is, in simple terms, a rule-based and market-oriented globalization because these rules are designed to regulate economic activities in the market.

The problem now is that the U.S. is ready to abandon the multilateral system it has led, leaving international organizations such as the World Trade Organization completely marginalized and unable to play their roles. Moreover, the United States has already abandoned the most basic rules of international trade and economics. For example, the most-favored-nation treatment requires the United States to treat all countries equally, and thus, how can a separate policy be explicitly applied to China? The principle of national treatment means that all enterprises, whether Chinese or foreign, private or state-owned, should be treated equally. How can the United States impose completely different sanctions against several Chinese companies? I participated in the negotiations for China’s accession to the WTO for so many years. The United States, as a "teacher", taught me so much, and now you "teachers" are taking back everything you taught, which is very ironic. But that's the reality. Of course, the people participating in the negotiations back then are not the same as the Americans in power today, but they are all from the US.

Now, because the United States wants to abandon the multilateral system and international rules that it has led to, globalization is at a crossroads. One way is to follow the US:  abandon the existing multilateral system and multilateral trade rules,  establish a whole set of hegemonic systems - to establish so-called values-based globalization, engage in alliances for democracies and small exclusive circles, and build "globalization" based on those circles. The most critical purpose of this “globalization” is to exclude China. The other way is to adhere to the multilateral system and multilateral rules that have been in place since World War II. As these multilateral rules and systems have been tested for decades, supporting the current system and regulations are legitimate and stand on the moral high ground.

So in such a situation, China must not subvert the existing order, China must preserve it and continue to promote globalization based on the existing rules. Of course, it does not mean the existing rules are perfect, as the WTO and many other international organizations can not keep pace with the times on many issues. For example, though now cross-border e-commerce development is so fast, a globally applicable system of rules for cross-border e-commerce is not established. This is not about inability, but because of the intervention from the US. Moreover, some new elements should be added to the current order, for example, the Belt and Road Initiative, which injects fresh momentum into a new round of globalization. President Xi’s proposal of a community with a shared future for mankind actually sets the direction for the new globalization. Globalization is indeed at a crossroads, as the United States is changing it to so-called values-based globalization, but China continues to insist on market-based and rule-based globalization. I believe that market-based and rule-based globalization will definitely be able to outdo value-based globalization because the latter is completely politicized and cannot withstand any market forces. Confidence should be put in this regard.

Having Confidence in the Improvement of the China-U.S. Relationship 

China-US relations are indeed very challenging at the moment, and the US has been particularly tough in terms of the economy, which happens to be the ballast stone of China-US relations. In such a situation, many people are very pessimistic about China-US relations. Some senior scholars studying China-US relations have argued that China has no hope of improving relations with the U.S. I was shocked when I first heard this, but I believe that the Central Committee of the Communist Party of China still holds hope for improving China-U.S. relations.

In early April this year, General Secretary Xi visited Guangdong Province and delivered an important speech about openness. General Secretary Xi stated, “China's policy of reform and opening up will remain unchanged over the long term. China is ready to collaborate with any nations that are interested in engaging in mutually beneficial cooperation to advance the shared prosperity and development of the global economy.”

Some of these words were intended for the American audience, meaning that the Central Committee of the Communist Party of China still holds hope for improving relations with the United States.

But it is unknown if the Chinese and Americans have truly absorbed this message. I hope the Chinese people take it to heart because some Chinese companies have started to avoid doing business with Americans and investing in the United States due to perceived high risks. If this trend continues, with Chinese enterprises believing that China has lost its ties with the US, China is actually actively promoting decoupling, which is a very dangerous trend. China must firmly believe that the economic and trade relations with the United States cannot stop, and China must make every effort to strengthen them. This is a critical point, and I hope everyone learns from General Secretary Xi’s words.

Strengthening China-U.S. relations should start from several aspects.

First, it is important to strengthen the political foundation of China-U.S. relations. From Mao Zedong and Deng Xiaoping to President Xi Jinping, several generations of Chinese leaders have established the hard-won political foundation of China-U.S. relations. Previously, the foundation of China-US relations used to be the three joint communiqués. After President Xi met with President Biden in Indonesia last November, President Biden committed to “four no’s and one no intention’s.” [Note: 四不一无意]. President Biden reaffirmed that a stable and developing China is in the interest of the United States and the world and that the United States respects China’s system. “Not seeking to change China’s system” is the most important aspect, and the Communist Party of China’s governance is our most significant core interest. “Not seeking a new Cold War, not seeking to oppose China by strengthening alliances, not supporting “Taiwan independence”, and not supporting two Chinas, nor one China, one Taiwan, and no intention of engaging in conflict with China.” 

I think these words should be communicated to the Chinese general public, enabling them to see the U.S. not solely through its sanctions on Huawei and then disavow all the political foundation of China-U.S. relations. Of course, we need to “listen to what the U.S. says and watch what it does,” [Note: 听其言观其行] but this is, after all, a political statement from the highest level of the U.S., and at that time President Xi immediately affirmed that he underscored President Biden’s message about the “four no’s and one no intention’s.”

“China does not seek to change the existing international order or interfere in the internal affairs of the United States, and has no intention to challenge or displace the United States.” I think this statement by President Xi should be widely publicized by our media to the American people, as few people in the United States know that China’s top leader has made such a statement. 

“China does not seek to change the existing international order,” and what is the core of the existing international order? It is that the United States is the boss [Note: 老大]. China clearly states that it does not seek to change the existing international order or interfere in the internal affairs of the United States, and has no intention to challenge or displace the United States. The politicians in the US have heard this, but they pretend not to. Therefore, on the issue of how to strengthen the political foundation of our two countries, we should publicize more. China does not need to believe in all Americans’ words, but the United States, as a major power, is also unwilling to pay the price of blatantly giving up its commitments in front of the world. Therefore, I think efforts should be made in this regard: if the Americans are to make statements that go against the political foundation of China-US relations, China should point it out and resolutely fight back; if the United States makes some positive statements, China also needs to guide the situation to create an atmosphere for improving China-US relations.

In addition, the Taiwan question has also been troubling China-U.S. relations. The Taiwan question serves as the political foundation of China-U.S. relations and also China’s red lines. However, the Taiwan question does not encompass the entirety of the China-US relations. The China-US relationships encompass a wide range of areas, from politics and economy to military and culture. I think it is necessary to stay alert for a small number of Western politicians, media outlets, and some Taiwan independence activities who are deliberately creating trouble and tensions, attempting to sway the public opinions on the Taiwan question disrupting cross-strait relations, interfering with the overall situation of China-U.S. relations, hindering China’s diplomatic efforts, and impeding the great process of China’s national rejuvenation.

Second, the economic foundation of China-US relations should be strengthened. For decades, China-US economic and trade relations have formed a situation like passengers riding on the same boat. Currently, when Americans talk about decoupling, they themselves feel powerless. Just a few days ago, United States Secretary of the Treasury Janet Yellen said that the decoupling between the United States and China would be disastrous. Even the President of the European Commission, Ursula von der Leyen, talked about the decoupling with China after she visited China, and she said “Three No’s”: Decoupling from China is “not viable, desirable, or even practical.” Reality will tell the United States and the West that decoupling from China will come at a heavy cost for them.

I have dealt with Americans for so many years. Although they talk a lot about political slogans, ideology, and values, what they ultimately value is the actual economic benefits. I remember in the negotiations of China’s accession to WTO accession, if China made it clear to the United States what benefits they would get by accepting this clause, the next day they would say “yes.” If you do not give them a clear explanation of what benefits they can get, even if you are servile to them, they will not agree.  I have great confidence in this aspect. Do not pay too much attention to the high-profile statements of U.S. politicians and legislators because they ultimately value the actual interests.

China is no longer the same as it was 20 or 30 years ago when China’s GDP was only 17% of the U.S. total, but now it’s 80%. So we must have confidence in strengthening the economic foundation between China. Americans prioritize their interests, and China’s huge market and economy can benefit the U.S. In addition, China needs to use the multilateral system to restrain the United States. The United States can not act recklessly because Americans also have to face various countries worldwide. 

Third, the foundation of public opinion in China-U.S. relations should be strengthened. In the past few years, there have been many misunderstandings due to poor communication between the two sides, leading to changes in public opinion on both sides. According to surveys in the U.S.,70 percent of Americans now have a negative view of China. Similarly, Chinese public opinion towards the US on social media is also quite tough, encompassing numerous misunderstandings, misinterpretations, and ample room for improvement.

Therefore, efforts should be made to improve the public sentiment between the two countries, which I still have confidence in. China and the United States have no historical grievances. We even fought side by side in World War II. The Americans took the Boxer Indemnity Scholarship and built first-class institutions like Peking University, Tsinghua University, and Peking Union Medical College Hospital for China. Most Chinese people still have a favorable view of the United States, and many are willing to send their children to study there, indicating a fundamental recognition of the United States. The fundamentals for public opinion on both sides are still solid. Twenty years ago, I accompanied President Jimmy Carter to the Zhijiang Airport in Hunan Province to attend the unveiling of the statue of General Claire Lee Chennault of the Flying Tigers, and President Carter made a noteworthy statement, “The United States and China share a deep connection forged by blood and flesh.” So this fundamental of public opinion is there, and it is possible for us to make efforts

In fact, the United States contributed to China’s reform and opening up, and this is undeniable. China has maintained a significant trade surplus with the U.S. for a long time, and a large portion of China’s foreign exchange reserves comes from this surplus. The U.S. has made significant investments in China, contributing to China's economic growth in recent years. In the negotiations for China’s accession to WTO accession, it would have been nearly impossible to reach an agreement without the United States, Moreover, if the United States had acted in bad faith, the negotiations would have been hopeless. But after the U.S. took a positive attitude toward China’s accession to the WTO, the whole negotiations went very smoothly.  A significant part of the final agreement on our accession to the WTO came from the China-US agreement. We must recognize the role played by the United States in China’s reform and opening up and not forget this history. Now the economic and trade relations between China and the United States are also very close. Thousands of American and Chinese enterprises interact frequently every day. There are hundreds of thousands of Chinese students studying in the United States, with about ten million parents behind them, all willing to see the improvement of China-US relations. Moreover, people of Chinese heritage in the U.S. and around the world, as well as small and medium-sized countries worldwide, are willing to see an improvement in China-US relations. The two countries should not create difficulties for them to choose sides. Therefore, the greatest effort and sincerity should be made and shown to improve bilateral relations. A favorable public sentiment atmosphere needs to be created to provide more space and flexibility for China-US diplomacy. China and the US need to make continuous efforts to improve bilateral relations.

Dealing Well with China’s Domestic Affairs

Lastly - and I’ll be brief - in the face of current uncertainties, as President Xi has said, China needs to focus on its own things. The two most important aspects are: first, ensuring the continued development of the Chinese economy and maintaining social stability, and second, upholding openness. Only when the Chinese economy develops and society remains stable can the country provide a vast market for the world. Just like the relationships between people, China needs to establish a situation where engaging with Chinese people is beneficial, especially in dealing with Americans. If dealing with Chinese people is not profitable for Americans, they will not have the sincerity to engage with us. However, the "profit" lies in the development of the Chinese economy, and it is China’s responsibility to provide these benefits. Therefore, China needs to do its own things well and continues to open up. There are so many things China can do in this regard.

Currently, China is developing the Guangdong-Hong Kong-Macau Greater Bay Area. If Hainan Free Trade Port is included in the scope of the Greater Bay Area, a new situation may arise because the Greater Bay Area is a powerful driving force for China's economy.

If Hainan focuses solely on zero tariffs in its free trade port, I believe its significance would be limited. But if it can be integrated with the Greater Bay Area, so that Hainan Free Trade Port has close ties with Hong Kong, Macau, and Guangdong, then it will be different.

For example, Guangdong could designate a small piece of land like the Leizhou Peninsula or Northern Guangdong as a free trade processing zone, fully enjoying Hainan's zero-tariff policy. This would be significant because zero tariffs are crucial for export trade processing as it would lower costs for the import of components and equipment.

If Hainan can also become a separate tariff zone under the WTO, similar to Hong Kong, issue its currency or even use Hong Kong dollars as its currency, which Professor ZHENG Yongnian has proposed, and implement full capital account liberalization with free capital movement, it would greatly accelerate the internationalization of the RMB.

Therefore, by including Hainan in financial and monetary cooperation with Hong Kong or having the Hong Kong Monetary Authority oversee Hainan's currency and capital markets, the situation would be different.

Moreover, there is an island next to Sanya. If it is rented to Macao for 50 years to develop the gambling industry, Hainan's tourism industry would be boosted immediately.

In short, how to incorporate Hainan Free Trade Port into the Greater Bay Area and give it a truly independent tariff system, independent currency policy, and independent financial policy is an excellent research topic.

Establishing a free trade port is a significant decision by the central government, and the world is watching whether China can do it well. China does need to emancipate its thinking and make progress on these issues. There are many things China can do to deepen reform and opening up, and as long as China can do them well, there are no difficulties that China cannot overcome. China still needs to have confidence in addressing and facing the current economic uncertainty. (Enditem)