Rising frictions over distribution of trade dividends

Last year was a tough one for the global economy, and this year looks like it could be another. Market demand continues to wane, and protectionism and terrorism have made some inroads in the West where globalization and the free flow of people have traditionally been championed and revered.

In the United States, the upcoming administration led by Donald Trump may pose a challenge to the country's economic policy. And along with the United Kingdom preparing to break away and the need to accommodate the continuing influx of refugees, the European Union now has the rise of right-wing forces to worry about.

But even as Western decision-makers retreat from globalization and shift their focus to domestic issues, China is pursuing and upholding more open and inclusive cross-border trade. A participant and a major beneficiary of globalization, it is now the leading advocate of sustainable economic globalization.