10 The Strategy of China’s Opening-Up under New Circumstances

China's experiences indicate that the opening-up policy has promoted its all-round economic and social progress and laid a solid foundation for deepening reforms. China is facing an important opportunity for mapping out a new layout of opening-up to the outside world. This chapter provides ten proposals for better deal with challenges under new global rebalancing. China must: forgo previous misperceptions and improve publicity; strengthen theoretical research and technological preparation; accelerate China-U.S. Bilateral Investment Treaty (BIT) talks and push for the adoption of higher standards for service trade and investment treaties; expedite the implementation of higher standard Free Trade Agreements (FTA) strategy; expand its opening-up policies in the service sector, and abolish unnecessary restrictions in this sector; widen agricultural opening-up; accelerate the RMB capital account convertibility process; promote domestic reforms by leveraging further opening-up policies; strengthen oversight of the opening-up process; and adopt an open-minded approach to globalization. Keywords: Bilateral Investment Treaty (BIT); China; Domestic Reforms; Free Trade Agreements (FTA)