Nobel economists call for rules-based global trading system
Four Nobel Prize-winning economists called for strengthening the rules-based system of international trade recently. They also argued that fundamental changes in the World Trade Organization are needed to deal with large changes in the world economy over the past 25 years.
The Development Research Center of the State Council kicked off its new DRC Chair program of discussions with world-renowned scholars by inviting Michael Spence of Stanford University, Christoforos Pissarides of the London School of Economics, and Edmund Phelps and Joseph Stiglitz, both of Columbia University, to discuss the "Multilateral Trading System and WTO Reform".
In an interview with China Daily, Spence said that improvements in foreign investment rules announced as part of the Government Work Report will be effective and could be a significant change in policy.
