BEIJING, 9th July, 2023 (WAM) – Zhang Xiangchen, Deputy Director-General of the World Trade Organization (WTO), has underscored the importance of concerted efforts to sustain and bolster free trade amidst a downturn in globalization, during his address at the inaugural Global Forum of Finance and Economics on 8th July in Beijing. The forum, themed “China’s High-Quality Economic Development and Global Economic Growth”, was spearheaded by the Central University of Finance and Economics and the Economic Daily. During the event, prominent speakers underscored the necessity of a collective approach to navigate emerging obstacles in an ever-changing economic landscape. Michele Ruta, Deputy Chief of the Strategy and Policy Review Department at the International Monetary Fund (IMF), highlighted the numerous global challenges currently in play, including transformative factors like technology and climate change, which are set to radically alter global trade. He also noted that trade has become increasingly entangled with non-trade sectors such as the environment, inequality, food, and health. Further, the growing use of trade measures and industrial policies could destabilize the global trade system. As a result, collaborative actions are becoming essential in addressing these new challenges. Many experts concurred, seeing the current climate as presenting both challenges and opportunities, particularly given the rising levels of uncertainty worldwide. On 16th October 2022, China revealed its ambitions to become a modern socialist country in all aspects and to promote the rejuvenation of the nation through its own path to modernization, during the opening session of the 20th CPC National Congress. To accomplish this, China is set on achieving high-quality economic development and a more robust integration into the world economy. Jiang Xiaojuan, Professor at the University of Chinese Academy of Social Sciences and former Vice Secretary General of the State Council, stressed that equal consideration must be given to the pace and quality of growth in order to fulfill this ambition. “An extensive level of openness can enhance the utilization of foreign resources and markets, as well as effectively leverage the fresh opportunities presented by digital globalization. This would support the objective of high-quality development and the establishment of a modern nation,” she elaborated. According to the organizers, the forum aimed to focus on critical issues in the global finance and economic sphere, bringing together luminaries from various sectors both locally and internationally. It served as a profound and specialized platform for academic discourse in finance and economics for global government, industry, academia, and research communities, actively fostering international academic exchange and discussion.

Source: Emirates News Agency (WAM)