Yang Yanyi, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), has hailed the conclusion of the investment agreement negotiations between China and the EU as a landmark success for both sides, and also as a critical step in promoting an open world economy. 

In a commentary published in the CPPCC National Committee's newspaper, Yang, former ambassador and head of the Chinese Mission to the EU, wrote that the agreement’s key elements include investment protection, respect for intellectual property rights, transparency of subsidies, clear regulatory and administrative measures, and sustainable development. 

The former diplomat believes the agreement will help the two sides forge a "comprehensive, balanced, high-level and mutually beneficial" investment regime. She said the agreement encompasses areas far wider than a conventional bilateral deal, as it covers issues including market access commitments, a better level playing field, and monitoring of implementation and dispute settlements. Such an ambitious agreement is set to not only bring win-win results to companies in China and the EU but also inject new vitality into the pandemic-battered global economy. 

The long-awaited result, which came after 35 rounds of negotiations over the course of seven years, also sends a clear, important message about China's commitment to building a new development pattern and promoting a high level of opening up to the outside world, according to Yang. 

Although protectionism and unilateralism are on the rise in some countries and economic globalization has run up against strong headwinds, China has stayed committed to all-round and multi-tiered opening up and cooperation. By concluding the negotiations as scheduled, China has once again showed its determination to push high-level opening up and provide more market opportunities for Europe and for the world, wrote Yang. 

Despite the milestone, Yang has called for attention to be paid to the daunting challenges ahead, including the COVID-19 pandemic and global economic downturn, that may increase global uncertainty and affect China-EU exchanges and cooperation. 

In her view, both sides should seek to be proactive, strengthen dialogue, enhance mutual trust, deepen cooperation and properly manage differences in order to effectively cope with the pandemic, revive the world economy and, importantly, make economic globalization more open, inclusive, balanced and beneficial for all.