A Global Family
China welcomes an increasingly integrated world economy in the era of Globalization 4.0
The 2019 World Economic Forum (WEF) Annual Meeting, convened in Davos, Switzerland, on January 22-25 under the theme of Globalization 4.0: Shaping a New Architecture in the Age of the Fourth Industrial Revolution, brought together senior government officials, executives from major global companies, leaders of international organizations and non-governmental organizations, and other prominent figures for intensive deliberations.
According to the WEF, Globalization 4.0 refers to a new type of globalization with four major transformations: Global economic leadership is no longer dominated by multilateralism but characterized by plurilateralism; the balance of global power has shifted from unipolar to multipolar; ecological challenges, including climate change, are threatening socioeconomic development; and the industrial revolution is introducing technologies at a speed and scale unparalleled in history. In the face of these changes, China will integrate into the world economy with a more open and inclusive attitude to instill continuous vitality into the country itself and the world at large. Viewed from the current situation, the world economy in 2019 will see stable expansion. The market demand of major economies will keep growing. However, as the impact of anti-globalization continues and as the monetary policies of some major economies tighten and geopolitical tensions persist, the world economy faces downward pressure and possible intensified market fluctuations.
The past five years have seen relatively rapid global economic growth, which can be attributed to the cyclical recovery of the world economy and the implementation of an easy monetary policy by major developed economies. In 2019, the effects of these two factors will weaken. Indicators of major economies, such as industrial production and the manufacturing purchasing managers’ index, have presented a deceleration trend.
Anti-globalization has added uncertainty