China's economic miracle presents fresh ideas to global economic governance

By Zhang Shenglei
0 Comment(s)Print E-mail, December 3, 2018
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The night view of Shanghai on Nov. 1, 2018. [Photo/Xinhua]

After four decades of reform and opening up, China has offered the world a new approach in successful economic development, prosperity and cooperation. Given the challenges facing the international community and globalization, China plans to make a greater contribution to the common prosperity of all countries, while responsibly achieving its own development in a more open and inclusive manner. 

Forty years since the economic reforms put in place by Deng Xiaoping, China has persisted in embracing the outside world and consequentially achieved unprecedented economic success. Importantly, this success has resulted in several tangible benefits. Since 1978, China's per capita disposable income has increased dramatically, with the number of people living in poverty decreasing by over 740 million. Free compulsory education was fully realized, and a social security system covering the world's largest population was established. At the same time, China has managed to become the world's largest exporter and second largest importer of goods, as well as the fifth largest exporter and third largest importer of commercial services.

China now stands as the world's largest trading country in goods and the main trading partner of over 130 countries. China's unique blend of market and socialist policies is not only to thank for the country's sustained economic growth, but also as an important guiding model for continued modernization and future achievements. 

The world today is undergoing unprecedented changes, and our global civilization is once again standing at a crossroads. Until recently the governing consensus was that ever-increasing economic integration and interaction were an irreversible trend; a return to isolation and protectionism was surely impossible. However, with challenges to globalization erupting all over the world, the global economic order is faced with the need to adjust and adapt.

It is clear that more attention must be paid to innovation, cooperation and sharing. Openness, inclusiveness and universal benefit need to become ingrained principles that guide the global community. The results would be greater justice, balance and win-win cooperation. Facing the challenges brought by economic globalization, what lessons can the Chinese system offer the international community? As China's economic success demonstrates, the key is to adhere to principles of openness, development, inclusiveness, innovation and rule-oriented. By following these principles, we can further guide the world economy towards a more open direction.

A view of the Shekou Harbor in the Qianhai and Shekou Area of the China (Guangdong) Pilot Free Trade Zone in Shenzhen, Guangdong Province, Feb. 26, 2015. [Photo/Xinhua]

In this manner, China has always been vehemently opposed to protectionism and unilateralism, and safeguards the multilateral trading system with the World Trade Organization. China must continue to expand common interests in opening up and sharing opportunities in cooperation. Examples of this include the construction of the Belt and Road forming an open pattern of land and sea routes linkage which benefit both the East and West. China will continue to substantially liberalize market access, strengthen intellectual property protection, and actively expand imports. China will also participate in global economic governance, actively support the development of developing countries, implement responsible macroeconomic policies, maintain a high contribution rate to world economic growth, and promote the construction of a community of shared future.

Adhering to the concept of mutual benefit, a stable, prosperous and developing China will be increasingly open and integrated with the world. China will reform further to not only promote high-quality economic development, but also better meet citizen's need. As we move further into the 21st century, Chinese wisdom and programs will inject an ever stronger impetus into the development and prosperity of the world. 

Zhang Shenglei, a scholar of international relations, invited researcher of China and Global Think Tank.

Opinion articles reflect the views of their authors only, not necessarily those of

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