Forum stresses embracing more open global economy

Proactive action to mitigate trade tensions and embrace an open global trading system is urgently needed to help the world's turbulent economy get back on track, experts said at a forum ahead of the 2019 G20 summit.

The forum, co-organized by China Daily and the Chinese Academy of Social Sciences, was held on Tuesday in Osaka, Japan.

Leaders from international institutions expect the summit to promote global economic development and improve global governance.

The International Forum for Open Global Economy was held days before the highly anticipated meeting between President Xi Jinping and United States President Donald Trump on the sidelines of the two-day summit, which begins on Friday.

Observers see the expected Sino-US meeting as a breakthrough in the contentious bilateral trade negotiations and an opportunity to ease friction.

Guo Weimin, vice-minister of the State Council Information Office, said at the forum that China will coordinate with other countries under the G20 mechanism to seek new growth momentum for the global economy.

Given the difficulties and governance challenges the world is facing amid rising protectionist and isolationist ideologies, "Cooperation is the best choice for China and the US", Guo said. "We hope the two countries walk in the same direction in managing differences based on mutual respect and cooperation based on a win-win foundation."

On Monday, the World Trade Organization warned in a report that new trade barriers imposed by G20 economies during the past eight months may affect goods worth $335.9 billion. That was another strong signal of economic downside risk after the World Bank and the International Monetary Fund downgraded projections for global growth.