China's reform, opening up contribute to economic globalization

.Messages from the Understanding China Conference that closed Sunday show that China's reform and opening up have delivered tangible benefits to the world and contributed to a new round of economic globalization.

The event, held in Guangzhou, capital of south China's economic powerhouse of Guangdong Province, brought in-depth discussions on "New Globalization and China's New Round of Reform and Opening Up."

About 600 officials, strategists, scholars and entrepreneurs from 17 countries and regions, as well as representatives of international organizations, participated in the three-day event.

Ernesto Zedillo, former president of Mexico, delivers a keynote speech during the Understanding China Conference in Guangzhou, capital of south China's Guangdong province, Oct. 26, 2019. [Photo/Xinhua]

Economic globalization

The international trading system that has made possible the extension and expansion of the opportunities of globalization is "under severe stress," said Ernesto Zedillo, former president of Mexico, at the opening ceremony.

"We are moving rapidly from a rules-based system into a system based on the force of power. And that, in other words, means the law of the jungle, which is detrimental for globalization," he said.

Against the backdrop of the twists and turns of economic globalization, China's economy has shown sufficient resilience and great potential.

China's GDP expanded 6.2% year on year in the first three quarters of 2019 to about 69.78 trillion yuan (about US$9.88 trillion), according to data from the National Bureau of Statistics.

During the conference, participants were optimistic about China's development prospects.

Participants attend the parallel session "Economic Outlook of the World and China" as part of the Understanding China Conference in Guangzhou, capital of south China's Guangdong province, Oct. 26, 2019. [Photo/Xinhua]

"Globalization and China's own policies have been highly complementary and mutually beneficial. We need to recognize this to fully understand China's commitment to globalization and the new round of the reform and opening up today," said Li Yong, director-general of the UN Industrial Development Organization.

China has contributed a lot to globalization, said Martin Jacques, a senior fellow of the Department of Politics and International Studies at the University of Cambridge, adding that one of China's basic views on globalization is inclusiveness, which allows China to better integrate into the world economy.

"From China-Africa cooperation to the Belt and Road Initiative (BRI), we can see China's active integration into the world economy," he said.