Reform and opening-up still the way forward

The international economic order and governance rules established after World War II have promoted the world's economic recovery and booming globalization. In particular, the information revolution and the global deployment of multinational companies since the 1980s have greatly catalyzed the growth of investment and trade worldwide.

Multinational companies are the main driving force behind globalization. For example, about 70 percent of cross-border investment is done by multinationals, and two-thirds of international trade conducted by them. At the end of 2017, cross-border trade accounted for more than 33 percent of the global GDP.

Globalization includes three main elements, the first being the growing interconnection and increasingly interdependent trade and investment among world economies; the second is the increasing openness and uniformity of participating countries' domestic economic rules, including their financial, fiscal, investment and other macroeconomic policies; the third is an efficient international economic coordination mechanism, which coordinates the domestic macro policies of major powers and has thus becomes the cornerstone of global governance.