Multilateral coordination receives boost

China to increase dialogue, negotiation mechanisms to enhance global growth

The global governance system should be i mproved and the reform of the system should be accelerated, the head of a top Chinese think tank said on Tuesday.

China will strive to strengthen multilateral coordination and firmly uphold multilateralism in order to boost economic growth and deal with the shocks from the COVID-19 epidemic, said Zeng Peiyan, chairman of the China Center for International Economic Exchanges, at the 2020 New Economy Forum.

It is necessary to boost dialogue and negotiation mechanisms at various levels to spur global economic growth, considering that the international community needs an efficient communication and policy coordination mechanism to deal with the COVID-19 challenges, Zeng said.

Zeng, who is also a former vicepremier, said it is concerning that there are some who are against globalization and the multilateral mechanism. Frequent sanctions, arbitrary acts like increasing taxes, creating trade barriers and the flouting of market rules will derail the healthy development of the global economy, he said.

Major countries should provide more public goods to the world to better protect and advocate the international order and legal system, he said.

Zeng said it was important to keep abreast of the opportunities emerging due to the pandemic, such as the development of digitalized economy and green industries, to facilitate new technology and industrial reforms.

“Digital economy will become a significant and green driving force of the global economy in the postpandemic era,” he said.

Speaking at the opening ceremony of the 2020 New Economy Forum on Monday, Chinese Vice-President Wang Qishan called for more international collaboration to counter challenges and safeguard common interests.

Noting that the international situation has become even more complicated since last year, China will face up to the changes and implement a new development philosophy to realize a new historic leap, he said in his video address to the forum.

The country will continue to expand its opening-up efforts, and make its market a world market, a shared market and a market for all, he said.

Nations should work together to jointly build a cooperation mechanism for tackling the epidemic fallout and step up joint efforts to curb the spread, Wang said.

Some speakers at the forum said that China is taking action to grow imports and reduce restrictions on cross-border investment to build a more international and sound business environment, as well as to facilitate bilateral and regional economic cooperation.

The four-day forum, which aims to foster a constructive dialogue for an innovative economy and inclusive future, was jointly held by the China Center for International Economic Exchanges, Bloomberg, the International Institute for Strategic Studies, and the Mandela Institute for Development Studies. Participants shared views on topics like finance, trade, cities, climate change, and public health.

The annual New Economy Forum, which was established in 2018, discusses global challenges and strives to find actionable solutions. This year, more than 500 government officials, business executives, academics, and experts from around the world are participating in the online forum to help redesign key parts of the global economy since the COVID-19 epidemic, with an emphasis on sustainable and inclusive growth.