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January 22, 2020

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Han calls for open world economy

CHINESE Vice Premier Han Zheng said yesterday that the fundamental solution to problems in economic globalization lies in building an inclusive and open world economy together.

Han said in a speech at the annual meeting of the World Economic Forum in Davos, Switzerland, that as economic globalization stands at a crossroads, which way should be taken is a question that deserves attention and serious reflection.

To deal with the difficulties faced by economic globalization, it is essential to grasp the underlying patterns and general trend, Han said.

Economic globalization is a historical trend, an essential condition for productivity growth and a natural result of advances in science and technology. In a world where all economies are deeply integrated, no country can achieve sustainable development outside the global division of labor.

Unilateral and protectionist practices, which run counter to the global trend, will lead nowhere and end up hurting everyone’s interests, he stated.

All countries should stay committed to consultation on the basis of equality and overcoming difficulties together. “We should make economic globalization more open, inclusive, balanced and beneficial for all.”

The Chinese leader urged the international community to uphold multilateralism and the core status of the United Nations in the international system and abide by the international law and widely recognized norms of international relations.

All countries should adhere to the principles of extensive consultation, joint contribution and shared benefits to bring about a brighter future.

China is a beneficiary of economic globalization, and more importantly, a contributor to sustainable global development, Han insisted.

China has become a main anchor and leading engine of the world economy, contributing around 30 percent to global growth in recent years. China has actively implemented the UN 2030 Agenda for Sustainable Development and played a leading role in international cooperation on climate change, which has made global development more inclusive and sustainable, he noted.

By honoring its World Trade Organization accession commitments on all fronts and promoting trade and investment liberalization and facilitation, China has provided an important driving force for building an open world economy, he said.

From 2001 to 2018, China’s import of goods increased at an annual rate of 13.6 percent, 6.8 percentage points higher than the global average. Also, its huge market offers tremendous opportunities for the development of other countries. From 1978 to 2018, China has attracted over US$2 trillion of foreign direct investment in non-financial sectors. Around 490 out of the world’s top 500 companies have business operations in China, Han revealed.

All these have contributed to the sustained and sound growth of China’s economy and provided strong support to the world economy, he said.


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