Promoting new type of economic globalization is essential: white paper

A white paper released on Tuesday called for promoting a new type of economic globalization because it is essential for building a global community of shared future. 

The white paper, titled "A Global Community of Shared Future: China's Proposals and Actions," was released by China's State Council Information Office.

It stressed that economic globalization is an irreversible trend of global economic development, and is in line with the desire for development and cooperation held by people of all countries.

It has greatly facilitated trade, investment, flows of people, and technological advances, making an important contribution to global economic development, the white paper said. 

However, problems and drawbacks also accumulated in the process, and there are attempts at retreating from it, it noted.

The white paper pointed out that the current model of economic globalization fails to reflect the demands or represent the interests of developing countries; the law of the jungle, zero-sum game, and the "win-or-lose," "winner-takes-all" mindset have exacerbated the divide between the rich and poor, as evidenced by the widening gap between developed and developing countries, and that within developed countries; some countries blame their problems in domestic governance on economic globalization or other countries, and resort to unilateral, protectionist, and bullying actions.  

This has damaged global industrial, value, supply and consumption chains, and caused turbulence and even conflict in the current international trade order, the white paper said. 

It suggested that countries pursue a policy of openness and explicitly oppose protectionism, the erection of fences and barriers, unilateral sanctions, and maximum-pressure tactics, so as to connect economies and jointly build an open world economy.

They should strive to build a system of fair, reasonable, and transparent international economic and trade rules, press ahead with trade and investment liberalization and facilitation, and promote further global economic openness, exchange, and integration in order to form an economic globalization that is open, inclusive, balanced and beneficial for all, so that people of all countries can share the fruits of economic globalization and world economic growth, the white paper added.