Multilateral cooperation, the key to economic recovery

Xie Fuzhan, president of the Chinese Academy of Social Sciences, said it had become more “important and urgent” than ever to advocate multilateralism and support the free trade system, as increasing unilateral actions could provoke the isolation and disorder in the global economy.

Xie made the remark on Monday when addressing the Global Strategic Dialogue 2021, an international webinar on the open global economy co-hosted by CASS and China daily.

To promote an inclusive and balanced global economic recovery, major economies should strengthen macroeconomic policy coordination and consider the potential negative spillover effects on other economies when formulating their policies, said Xie.

He also called for more joint efforts to address the challenge of global warming and the establishment of a new system of climate governance allowing different economies to maximize their contributions to carbon reduction.

Naoyuki Yoshino, professor emeritus at Keio University in Japan and former dean of the Asian Development Bank Institute, said it is possible to impose taxes on CO2 emissions at the same rate globally to facilitate green development.

Experts attending the webinar also noted China’s potential to further promote an open global economy, address major global challenges, and create new opportunities for cooperation with United States.

Zhou Shuchun, publisher and editor-in-chief of China daily, said China’s strong position is to advocate for economic globalization and make it more inclusive, open and beneficial for all. It should also become a consensus within the international community.

China shares its domestic market with the rest of the world, creating a more internationalized and fairer trading environment, promoting regional economic integration and supporting the multilateral trading system based on the World Trade Organization, Zhou said.

The annual Central Economic Work Conference that set the tone said that promoting openness at the institutional level is one of China’s key tasks for next year, with measures to ensure that domestic enterprises and their foreign counterparts are treated on an equal footing.

Yu Yongding, academician of CASS, highlighted the potential for cooperation between China and the United States in the fight against “common enemies”, including the COVID-19 pandemic, global warming, poverty, terrorism and Pollution.

Yu said he believed that if China and the United States find and fight “common enemies,” the world’s two largest economies could escape Thucydides’ trap, which describes the tendency for conflict when an emerging power threatens to displace an existing power.

Amar Bhattacharya, a senior fellow of the WashingtonThe Brookings Institution’s Global Economics and Development Program, based at the Brookings Institution, said more commitments between China and the United States on climate change could help strengthen the United States’ resolve to fight against the problem.

Ouyang Shijia contributed to this story.

THE SOURCE China daily

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