The Shanghai skyline. / Getty

The Shanghai skyline. / Getty

Editor’s Note: Hannan Hussain is a foreign affairs commentator and author. He holds a Fulbright degree from the University of Maryland, USA, and a former Assistant Research Fellow at the Islamabad Policy Research Institute. The article reflects the views of the author and not necessarily those of CGTN.

During his speech at the Bloomberg New Economy Forum 2021 in Singapore, Chinese Vice President Wang Qishan could not have given a more vital note on the nature of the economic momentum needed to ensure sustainable market reforms on the global stage. . “In the future, China will keep its arms wide open, offer more market investment and growth opportunities to the world, and help build a noble world economy and a community of destiny for humanity, ”Wang said at the press conference. forum on November 17th.

This nuanced call to encourage leadership on the supply side of foreign investment, especially in the face of increasing trade barriers in the name of national security, finds a powerful example in China’s domestic offerings to the world. China’s new development philosophy, for example, has been a bold benchmark for navigating the perils of a pandemic that continues to obscure economic gains and positive growth forecasts in several corridors around the world.

Consider the takeaways from JPMorgan’s October market analyzes on what the world can learn from the Chinese synthesis of domestic and international market expectations. The October information suggests a healthy exposure to China’s global income when viewed in conjunction with recent regulatory moves focused on investment in six sectors, all geared towards a single promise: to export this stability plan to China. outside for the shared benefit of the world economy.

“China cannot develop independently from the world, and neither can the world develop without China,” Wang noted. To prevent dozens of recovering economies in Asia and beyond from getting bogged down in macroeconomic downturns, long-term thinking must align with such a proven economic forecast.

Chinese Vice President Wang Qishan speaks virtually at the Bloomberg New Economy Forum in Singapore, November 17, 2021. / Getty

Chinese Vice President Wang Qishan speaks virtually at the Bloomberg New Economy Forum in Singapore, November 17, 2021. / Getty

There is no doubt that optimism about overcoming trade barriers and opening up markets is a blatant performance benchmark in itself, but to assure nations that meaningful relations such as the trade relationship between the United States and China could diversify less integrated economies in synchronization, a good degree of great power diplomacy becomes necessary. To this end, Wang’s reading of US-China relations as such which could “manage and control [their] differences ”based on a shared pursuit of cooperation, should be a wake-up call to skeptics who assume that the relationship is unmistakably designed to serve zero-sum constructs of trade escalations. These toxic speculations, along with the triple perils of protectionism, vaccine nationalism, and barriers to foreign investment, are set aside once rapidly developing economies begin to rally to fair and equitable standards to support economic advancement in the world. abroad.

Wang’s speech also communicated the Chinese government’s demonstrated commitment to making global market reforms the need of the moment. One indicator in Wang’s speech was to render the “low carbon transition” speech as such that extends the tangible merits of the transition to other nations, many of which are emerging at very distinct stages of development.

Likewise, the world needs a concerted attempt to close the global ranks behind the COVID-19 pandemic, sending a powerful message about what China itself recognizes to be growth born at the intersection of health interventions. and personalized capacity for market reform. Wang reminds the world to raise awareness of the global economic recovery discourse to what neighboring countries see as a “fair and equitable distribution” of COVID-19 vaccine supplies to support growth environments for the benefit of people and leaders.

Skeptics of cooperation must answer this question: is ignoring the climatic and health contours of the global economic recovery a step towards the challenges of the last decade, or a pivot towards the opportunities of the next? This question, which in Wang’s insightful assessment on Wednesday, is barely answered by the emergence of “protectionism, unilateralism and the backlash against economic globalization.” Nations must overcome these uncertainties by striving for a climate of resilience suited to global economic progress, and not to the politics of that progress itself.

Ultimately, Wang’s message for China to serve as a catalyst for global investment gains goes hand in hand with Beijing’s unwavering commitment to addressing the climate, health and security concerns of every state vying for a future. peaceful. According to him, an “open, inclusive, balanced and beneficial” model of economic globalization is what the future must consolidate.

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