BEIJING: Free trade should not be taken for granted. It calls for more joint efforts to maintain and strengthen free trade at a time when globalization is slowing down, noted Zhang Xiangchen, Deputy Director General World Trade Organization (WTO) on Saturday.
He made these remarks while addressing the first Global Forum of Finance and Economics held in Beijing.
Themed “China’s High-Quality Economic Development and Global Economic Growth,” the forum was sponsored by Central University of Finance and Economics and the Economic Daily.
On the occasion, speakers repeatedly highlighted the significance of collectively tackling emerging challenges in an evolving landscape.
As per Michele Ruta, Deputy Chief Strategy and Policy Review Department, International Monetary Fund (IMF), the world is faced with multiple challenges, including structural forces such as technology and climate change, that are poised to reshape global trade.
Also, trade is increasingly intertwined with non-trade areas (such as environment, inequality, food, health), and the increased use of trade measures and industrial policies may destabilize the multilateral trade system, he added.
Thus, collective actions are getting important to address emerging challenges in global trade.
Echoing this, many experts deem it means both challenges and opportunities as the world is facing more uncertainty.
Back on October 16, 2022, the Chinese government released a report at the opening session of the 20th CPC National Congress saying that China aims to build itself into a great modern socialist country in all respects and to advance the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization.
To achieve this, China is pursuing high-quality economic development and integration into the world economy at a higher level.
As per Jiang Xiaojuan, Professor, University of Chinese Academy of Social Sciences and Former Vice Secretary General of the State Council, completing this task requires equal attention to the speed and quality of growth.
“A high level of opening up can expand the use of foreign resources and markets, as well as effectively use the new opportunities of digital globalization, and help achieve the goal of high-quality development and building a modern country,” she further said.
As per the organizers, the forum focused on hotspots in the global finance and economic field, centering on internationalization, high-end and professional characteristics, and gathering celebrities at all walks of life both at home and abroad.
It provided an in-depth and professional academic exchange platform in finance and economics for the global government, industry, university and research circles, and actively promoted international academic exchange and discussion.
Comments are closed.