China's role in promoting economic globalization

Scholars, experts and academics have gathered at the Renmin University of China in Beijing to attend a macroeconomic forum. Professors have released a research report on the China-US trade friction. It analyzed the properties, effects and responding policies of such a trade war. Experts have reaffirmed the importance of China's reform and opening-up to face the current uncertainty and changing international landscape.

When it comes to challenges facing the world trading system, Chinese Premier Li Keqiang says the foundation of multilateral trade rules has been shaken by rising protectionism. He made the remarks at the recently concluded Summer Davos gathering in north China's Tianjin Municipality. So what is China's view on multilateralism and globalization?

The multilateral trading system and its rules, with the WTO at its core, were established through joint consultation based on the goal of maintaining free trade.

It's true that with changing times some reforms are needed within the WTO, but that does not mean a new economic system or balance is required.

According to Sun Zhenyu, the former Chinese ambassador to the WTO, "When China joined the WTO, we accepted many non-WTO provisions including many unfair ones. We fully complied with our commitments and lowered the average tariff level from 43.2 percent to 9.8 percent. Many laws and regulations have been amended, including more than 2,000 by central government departments and more than 100,000 by local governments. Imagine, how long would it take the US to change one?"  

China has long stated that multilateralism is the key to economic globalization, but now that reality is changing. The US is pushing for a transformation from free trade to fair trade, which is against the type of free trade China supports.

Li Xiangyang, the director of National Institute of International Strategy, Chinese Academy of Social Sciences, said "China actively participates in promoting economic globalization. For one hand, China supports the development and reform of multilateralism, particularly promoting free trade as the main body of inclusive globalization, on the other hand, China also plays a positive role within the regional economy, such as R-CEP negotiations, and China-Japan-South Korea Free Trade Agreement talks."

China joined the WTO in 2001, integrating deeply into the global economy. Beijing says that it's essential to uphold the basic principles of multilateralism and free trade. The world economy stands at a crossroads, globalization or protectionism.