The China International Import Expo was a six-day event held from Nov. 5 to 10 this year in Shanghai, promoting inclusive economic growth. Photo: FILE

---

 

China has been active in promoting economic globalization since the reform and opening up. It advocates a world economy with greater openness. At the same time, the advancement of its reform and opening up has helped to turn vision into reality.

Chinese President Xi Jinping delivered a speech titled “Work Together for an Open Global Economy That Is Innovative and Inclusive” at the opening ceremony of the first China International Import Expo on Nov. 5. In the face of fundamental changes in the global economic landscape, he called upon countries to show greater courage, expand open cooperation and achieve common development.

First of all, the bedrock of an open world economy is openness and integration. In the past four decades, China has taken an extraordinary journey of reform. The flames of reform started with economic restructuring, then penetrated into the Chinese economy in every metric, extending from the countryside to cities and developing from pilot projects to widespread implementation. The country has made a remarkable list of achievements as it has opened wide to the outside world after holding its door shut for a long time. Today, an individual country or region will never achieve development or prosperity by closing its door to the outside world or through deglobalization. Only when countries adhere to openness and integration can they expand the potential for mutually beneficial cooperation.

The focal point of an open world economy lies in innovation. Today, sluggish growth of the world economy is persistent, but macroeconomic policy innovation and structural reform are making continuous progress after the financial crisis. China, as the largest emerging economy in the world, has been committed to innovative growth. It put innovation at the heart of growth strategy during the 2016 G20 Hangzhou Summit with a focus on shaping new driving forces. This is a feasible choice for reshaping the dynamics of the world economy.

An open world economy aims to reach inclusiveness. Economic globalization has enabled trade prosperity, investment convenience, large staff turnover and technological development, but its progress has also intensified global competition and economic imbalance and inequality, as the illegitimate international economic order has not been fundamentally changed. In this way, the world economy is facing a great deal of new risks and challenges.
 

In his speech at the 2017 World Economic Forum, President Xi pointed out that “Many of the problems troubling the world are not caused by economic globalization.” The root cause for these problems is that some countries consider the world economy a zero-sum game in which winners take all, and such thinking runs contrary to the principle of inclusiveness.

China proposed all countries be part of global governance and enjoy the yields together. Also, China opens its arms to the people of other countries and welcomes them aboard the express train of China’s development.

 

This article was translated from Guangming Daily.

(edited by MA YUHONG)