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Commentary: Protectionism is mere fatuous as it undermines global stability

(People's Daily)    03:29, April 26, 2017

Members of the International Monetary Fund (IMF) and the World Bank Group raised the voice to call on countries to promote open and fair trade against protectionism during its annual spring meeting from April 21 to April 23, 2017. Earlier in March 2017, participants of G20 Finance Ministers and Central Bank Governors Meeting reached a consensus on advocating a more open market as well.

For some time, there have been political figures in western countries demonizing economic globalization and free trade with people’s dissatisfaction with their life and the world, and proposing to utilize protectionism to secure the local economies.

In a commentary published on April 24, the People’s Daily pointed out that restriction on free trade is going to do economics more harm than good, which is the general consensus of economists in the world. Protectionism will raise the domestic consumption costs and reduce competitiveness of local enterprises that may easily lead to international disputes, undermining global stability.

In January this year, China’s President Xi Jinping has given out a clear direction of the world economy’s trend during his keynote speech at the 2017 annual meeting of the World Economic Forum. “Whether you like it or not, the global economy is the big ocean that you cannot escape from. Any attempt to cut off the flow of capital, technologies, products, industries and people between economies, and channel the waters in the ocean back into isolated lakes and creeks is simply not possible. Indeed, it runs counter to the historical trend,” he said. And the developing history of the world economy has repeatedly proved that openness brings progress, closure leads to backwardness. To have a better future for the global economy, the world should follow the trend of globalization, continuing to carry forward the spirit of staying in the same boat to overcome difficulties and win-win cooperation.

(This commentary is from the editorial board of the People's Daily)

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Shen Chen, Bianji)

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