The world is looking to China for a signal of recovery

0 Comment(s)Print E-mail Beijing Review, November 17, 2020
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Since its inception in 2018, the China International Import Expo (CIIE) has become a major platform for international trade, investment promotion, cultural exchange and cooperation. Despite the mounting uncertainty in the world economy caused by the novel coronavirus pandemic, the CIIE drew a large number of businesses from around the globe. The exhibition area expanded by nearly 30,000 square meters and intended deals worth $72.62 billion were signed, an increase of 2.1 percent year on year. All this showcased the international community's trust and confidence in China.

China is the only major economy that has registered positive growth this year. As a bellwether of the world economy, any economic activity by China impacts the world economic development. So with the economy in recession, the world is looking to China for a signal of recovery.

President Xi Jinping's address at the CIIE assured onlookers about China's unchanged commitment to opening up and sharing the benefits of its growth with others. "China will join hands with all other countries to create opportunities in opening up, tackle difficult problems through cooperation, and foster a brighter future for humanity," Xi said.

He also outlined the measures the Chinese government will take to promote openness and cooperation. China will pursue creative ways to grow foreign trade through other platforms of opening up as well, encouraging cross-border e-commerce and other new business models to create new growth drivers for foreign trade. Unlike some Western countries that have clamped down on sharing their technology, China will shorten its catalog of technologies prohibited or restricted from import to create a favorable environment for the free flow of technologies across borders.

The foreign trade and investment-related legal framework will become more open and transparent, intellectual property protection will be strengthened and the lawful rights and interests of foreign investors better protected. The aim is to turn the Chinese market into a market for the world, a market shared by all, and a market accessible to all.

Against the backdrop of economic globalization, no country can develop on its own. Faced with risks and challenges, openness and cooperation are the only choices. Unilateralism and protectionism should not be allowed to undermine the international order and international rules. Instead, the global economic governance system should be reformed for equitable growth.

China's new development paradigm with the domestic circulation as the mainstay and domestic and international circulations reinforcing each other does not mean closely guarded development behind closed doors. Instead, China will open up wider in an all-round way, providing more opportunities for other countries' development.

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