Nothing can stop the trend of economic globalization

Workers at the Vanuatu Pavilion display local specialties at the second CIIE. (People’s Daily/Chen Shangwen)

Chinese President Xi Jinping’s speech at the opening ceremony of the second China International Import Expo (CIIE) charted the way forward for global economic development and conveyed powerful positive energy of openness and cooperation for common development of the international community.

In his speech, Xi accurately grasped the historical trend, took the pulse of world economy, and put forward important proposals.

“Economic globalization represents the trend of history. Like the world’s great rivers, the Yangtze, the Nile, the Amazon and the Danube — they all surge forward in relentless flow, and nothing can stop their mighty movement, not the current of undertows or hidden shoals or rocks beneath the water,” said Xi.

Economic globalization is an overarching historical trend, something that is independent of people’s will.

“What we mankind can do is to understand, adapt to, and apply the law of history instead of trying to prevent it from happening,” President Xi said at the opening ceremony of the first CIIE.

The trend toward openness and integration among countries is unstoppable despite ups and downs in the global economy. The ever growing and expanding industrial chain, value chain and supply chain have boosted the flow of production factors across the world and contributed to the economic development of all countries and regions.

Greater coordination and complementarity among countries meet the need of productivity growth. In this process, countries are increasingly becoming a community with shared interests, shared responsibilities and a shared future.

In today’s world, the well-being of people in all countries is more closely intertwined and the interests of all countries are more deeply integrated than ever before, while peace, development, cooperation and mutual benefit remain the irreversible trend of the times.

The world is undergoing profound changes unseen in a century. Changes create opportunities, but more often than not, they are accompanied by risks and challenges. Mankind has once again reached a crossroads. Which direction should we choose? Cooperation or confrontation? Openness or closing one’s door? Win-win progress or a zero-sum game?

The interests of all countries and indeed, the future of mankind hinge on the choice we make, President Xi said at the 2018 Asia-Pacific Economic Cooperation (APEC) CEO Summit.

It should be noted that many of the problems troubling the world are not caused by economic globalization. Just blaming economic globalization for the world’s problems is inconsistent with reality, and it will not help solve the problems.

As President Xi stressed in his speech at the second CIIE, “Of the problems confronting the world economy, none can be resolved by a single country alone.”

“Going forward, win-win cooperation is the only choice for us,” he pointed out at the 2018 APEC CEO Summit, adding that this is dictated by the law of economics, and it is in keeping with the development of human history.

In his speech at the second CIIE, Xi suggested countries all put the common good of humanity first rather than place one’s own interest above the common interest of all, saying that countries must have a more open mindset and take more open steps, and work together to make the pie of the global market even bigger.

Countries need to strengthen the mechanisms for sharing benefits globally, and explore new ways of international cooperation, said Xi, noting that the goal is to give more impetus to economic globalization and remove impediments as much as we could.

China has not only benefited from economic globalization but also contributed to it. The country has made remarkable achievements over the past 70 years since the founding of the People’s Republic of China, especially since reform and opening up policy was officially implemented in the country more than 40 years ago.

“From the course of China’s development, we realize that China will do well only when the world does well, and vice versa,” President Xi said at the banquet he hosted to welcome distinguished guests who came to attend the second CIIE.

The fast developing China has brought huge opportunities to countries in the world and become a key anchor and driver for the world economy.

The CIIE is designed to respond to the aspirations of people from various countries to live a better life. By holding the CIIE and proactively expanding imports, China is taking the initiative to pursue a new round of high-level opening-up, deepen international cooperation in advancing One Belt and One Road Initiative and jointly foster an open global economy.

Following the historical trend, China will stick to the path of peaceful development and a win-win strategy of opening-up, continuing adding impetus to the development of an open world economy.

Together with the rest of the world, China will strive to make economic globalization more open, inclusive, balanced, and beneficial for all.

As long as various countries around the world can understand profoundly the overriding trend toward multi-polarity and constantly contribute to the building of an open global economy and a community with a shared future for mankind, they can, surely create a more prosperous and beautiful world.