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Committed to promoting globalization

By Wang Lei | China Daily | Updated: 2019-11-05 07:13
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The recent Fourth Plenary Session of the 19th Communist Party of China Central Committee stressed the importance of further opening-up. In fact, China has always been committed to further opening-up, as its hosting of the 2nd China International Import Expo demonstrates. And it has chosen to do so not out of pressure from the outside world, but to achieve its goal of qualitative economic development and to share its development fruits with its trade partners.

True, the world economy has, to a certain extent, recovered from the global financial crisis. However, it still lacks a strong driving force which, together with differentiated growth, is impeding economic globalization. Affected by this in no small measure, the Chinese economy has gradually entered a period of medium-speed growth.

In the face of multiple pressures and challenges at home and abroad in the new era, China is taking measures to offset the effects of the protectionist and exclusionist policies adopted by some developed economies. Upholding the banner of openness, cooperation, development and mutual benefit, China has become the most important supporter of the multilateral trading system and an open world economy.

China has maintained medium-high-speed growth in the new era, and by gradually realizing supply-side structural reform and upgrading its industries, it is transforming its economic structure. A more open Chinese economy is not only the main stabilizing force and driver for global growth; it can also provide stronger support to the multilateral trading system with the World Trade Organization as the core, and help build a more open world economy.

As the biggest developing country and most important emerging economy, China has adopted the most sincere and inclusive approach to global growth and firmly stands with the emerging and developing countries, becoming their friend and partner, as well as the most avid representative and defender of the multilateral trading and global economic systems.

Amid rising unilateralism and protectionism, China's role in upholding the multilateral trading system and helping build an open world economy has become increasingly prominent. This has made it the focus of international attention, a source of confidence and a driver for the global economy.

First, China remains a firm advocator and defender of the multilateral trading system and an open world economy. Even when some countries have adopted unilateral trade, investment and financial policies in pursuit of self-interests, China continues to promote cooperation and openness, safeguard multilateralism and the global economic governance, and further open up to help build an open world economy.

Second, China remains a main driver of the multilateral trading system and an open world economy. It has also become the biggest trading partner to more than 120 countries and an important member of several major economic forums and trade and economic cooperation mechanisms. And the opening up of the Chinese economy to the outside world has created innumerable opportunities for other countries to share its development dividend, and injected new vitality into the world economy since the global financial crisis.

Third, China remains a constructive force for the reform of the world economic order. Its advocates necessary reforms to the WTO-while ensuring it maintains its core role in the multilateral trading system-by calling for a new round of quota adjustment and governance structure reform of the International Monetary Fund and World Bank, and works with other developing countries to promote constructive reform in the global economic order.

In the process of safeguarding globalization and promoting constructive reform of the global economic governance system, China has helped protect the legitimate rights and interests of developing countries and their development space.

China and other developing countries have similar experiences, and pursue independent economic development policies. Especially, since the beginning of the new era, China has embarked on a development path according to its actual condition in order to realize the Chinese Dream of national rejuvenation, and provided its development experience for other developing countries to explore and, if found suitable, implement.

China will always be a natural partner of developing countries. In the new era, it has offered more and better public goods to the international community, developing countries in particular, through the Belt and Road Initiative. And its continuous efforts to further open up, as the two import expos show, have helped developing countries to enter the Chinese market and share the dividends of economic development with China.

China will continue to represent developing countries in the international arena. And under the framework of global organizations such as the United Nations, G20, WTO, World Bank and the IMF, it will continue to help consolidate the unity among developing countries, back the implementation of the UN's Sustainable Development Goals by promoting the BRICS group and other cooperation mechanisms for emerging economies, and protecting the rights and interests of developing countries and their development space.

The author is an associate professor at the School of Government and director of the BRICS Cooperation Research Center, Beijing Normal University.

The views don't necessarily represent those of China Daily.


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