Unwavering efforts needed to advance economic globalization

Chinese President Xi Jinping’s emphasis on economic globalization at the World Economic Forum (WEF) annual meeting in Davos, Switzerland, injected positive energy into the sluggish recovery of world economy, the People’s Daily said in a commentary published Wednesday.

The speech, coming amid increasing global uncertainties and a rising tide of anti-globalization sentiment, showcased China’s strong sense of responsibility as an open, inclusive major country, the paper added.

Xi stressed unwavering efforts to advance economic globalization while addressing the opening of the 2017 WEF annual meeting on Tuesday.

Blaming economic globalization for the world’s problems is inconsistent with reality and unhelpful to solve the problems, Xi pointed out.

Economic globalization is a double-edged sword, he added, explaining that it will strain the relationships between growth and distribution, between capital and labor, and between efficiency and equity when the global economy is under downward pressure.

But from a historical perspective, economic globalization, which resulted from growing social productivity, is a natural outcome of scientific and technological progress, the president stressed.

Economic globalization has powered global growth and facilitated movement of goods and capital, advances in science, technology and civilization, and interactions among peoples, he further explained.

The article agreed with Xi’s call that the world should act proactively and manage economic globalization as appropriate so as to release its positive impact, as well as follow the general trend, proceed from respective national conditions and embark on the right pathway of integrating into economic globalization with the right pace.

Xi also urged the world to strike a balance between efficiency and equity to ensure that different countries, different social strata and different groups of people all share in the benefits of economic globalization. This is the right pathway to economic globalization, the article commented.

The commentary added that in order to eliminate the obstacles hindering economic globalization and deliver its benefits to all the nations, the world has to, as Xi suggested, develop a dynamic, innovation-driven growth model, remove the bottlenecks blocking global growth and development with courage to innovate and reform, pursue a well-coordinated and inter-connected approach to develop a model of open and win-win cooperation, share opportunities and interests through opening-up for win-win outcomes.

The world should also develop a model of fair and equitable governance in keeping with the trend of the times, Xi said, adding that only when it adapts to new dynamics in the international economic architecture can the global governance system sustain global growth.

According to Xi, the world also needs to develop a balanced, equitable and inclusive development model, in a bid to ensure that people have equal access to opportunities and share in the benefits of development by making development equitable, effective and balanced.

The four-prolonged proposal offered a remedy to the deeper maladies of the world economy and demonstrated the wisdom and vision to face all challenges by capturing the opportunities and cooperation, it said, adding that the prescription can cure both symptoms and the root causes blocking economic globalization.

As Xi emphasized, it is the common expectation of the people in all countries and the unshirkable responsibility of the leaders of our times to rebalance the process of economic globalization and steer the global economy out of difficulty.

The road of human civilization has never been a smooth one. As long as we keep to the goal of building a community of shared future for mankind and work hand in hand to fulfill our responsibilities and overcome difficulties, we will be able to create a better world and deliver better lives for our people, the paper concluded at last, citing Xi’s words.

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Mareeg senior news editor since 2001 and he can be reached at news@mareeg.com