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.
Xie Fuzhan, president of the Chinese Academy of Social Sciences, addresses the International Forum for Open Global Economy in Osaka, Japan, on Tuesday. [Photo/China Daily]
In an environment characterized by uncertainty and the contraction of trade and investment, an open economy could be consolidated by multilateral mechanisms that advocate policy coordination, innovation and inclusive development, Xie Fuzhan, president of the Chinese Academy of Social Sciences, said at the forum.
"The US, which once was a supporter of free trade, is now turning against an open global economy and multinational cooperation. That is the root cause of the deteriorating international trade environment and an obstacle in Sino-US trade talks," Xie said.
China, on the other hand, will continually deepen opening-up and push forward domestic reforms, Xie said. He forecast that over the next 15 years, China will import $24 trillion in goods, attract $2 trillion in foreign direct investment and invest $2 trillion overseas, indicating that the country's opening-up will offer greater development opportunities for the world.
