To begin with, the history of human progress has shown that free trade and open markets have been a proven formula to boost growth and generate wealth worldwide. Isolationism and protectionism, as shown by the International Monetary Fund's repeated slashing of global growth forecasts, are only counterproductive.
In his speech addressing the 2017 edition of the WEF annual meeting, Chinese President Xi Jinping compared the global economy to a big ocean from which no one can escape.
"Any attempt to cut off the flow of capital, technologies, products, industries and people between economies, and channel the waters in the ocean back into isolated lakes and creeks is simply not possible. Indeed, it runs counter to the historical trend," he said.
Despite the strong headwind of protectionism, free traders worldwide have in the past year made notable strides in promoting regional economic integration.
The African Continental Free Trade Area has been launched, 15 participating countries of the Regional Comprehensive Economic Partnership (RCEP) have concluded text-based negotiations, and the European Union and the Southern Common Market (Mercosur) have reached an agreement in principle on a free trade agreement. Those advancements have attested to Xi's judgement three years ago.
Secondly, strengthening connective power by promoting practical cooperation worldwide can help bolster much needed economic development in the developing world so as to reduce global development deficits.
【国内英语资讯:Commentary: Connective power needed for better world】相关文章:
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2020-09-15
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