Multilateralism Imperative for Inclusive Growth
Strengthening multilateral cooperation is imperative for promoting an inclusive development of the world economy and preventing it from falling into isolation, leading experts said on Dec.20.
Xie Fuzhan, president and academician of the Chinese Academy of Social Sciences, said it has become "more important and urgent" than ever to advocate multilateralism and support the free trade system amid rising unilateral actions that could give rise to isolation and disorder in the world economy.
According to Xie, the global economic recovery remains slippery with prominent challenges posed by rising inflation and a stagnated global supply chain, as well as economic policymaking that is more oriented to the domestic economy and less open to the outside world in some countries.
To cope with risks and create a more inclusive and cooperative international environment, major economies should strengthen macroeconomic policy coordination and take full consideration of potential negative spillovers into other economies in the process of policy formulation, he said.
Xie made the remarks late on Monday while addressing the Global Strategic Dialogue 2021, an international webinar themed on the open global economy and co-hosted by CASS and China Daily.
Zhou Shuchun, publisher and editor-in-chief of China Daily, addressed the webinar, saying it is China's steadfast stance to advocate economic globalization and make it more inclusive, open and beneficial to all. This should also become consensus in the international community.
China's development miracle in the past decades has been achieved with the efforts of opening-up. The nation's high-quality development in the future will also be powered by a more open economy, Zhou said.
As a firm advocate for building an open world economy, China has been sharing its domestic market with the rest of the world, creating a more internationalized and fair business environment, promoting regional economic integration and supporting the multilateral trade system based on the World Trade Organization, he added.
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