BEIJING, Oct. 9 (Xinhua) -- Commenting on the current annual meetings of the International Monetary Organization (IMF) and the World Bank (WB), economic leaders have expressed worries about the "retreat of globalization" in many parts of the world.
Yet in visionary eyes, the ebb of this round of globalization happens to give way to the rise of a new round of globalization, with newly-emerged economies led by China as an important impetus.
It is generally believed that the latest round of globalization started from the 1980s, and was pushed forward by the development of science and technology, spearheaded by transnational corporations, led by the United States and other advanced economies.
However, after three decades, along with the shifts of world economic powers, the momentum of the old round of globalization is weakening, especially after the 2008 financial crisis.
Generally speaking, the current deglobalization trend mainly shows itself in four aspects.
Firstly, in trade, protectionism is getting increasingly popular. In the past four years, the ratio of global trade volume to the GDP is decreasing, meaning the growth of the world trade volume has been lower than the growth of the economy.
Secondly, in finance, the world has been tightening its grip on financial supervision. The global financial crisis breaking out in 2008 has resulted in major economies speeding up reforms on financial supervision, with many presenting new tougher supervisory regulations.
【国际英语资讯:Global Biz Insight: Retreat of globalization a pseudo concept】相关文章:
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