Post-pandemic global governance highlighted on international forum

“The trend of globalization will not stop, but global governance should be highlighted,” said Chen Deming – CCG Honorary Chairman, former Minister of Commerce, and Chairman of China Association of Enterprise with Foreign Investment (CAEFI) – on the 7th China and Globalization Forum held in Beijing, China on July 30.

Hosted by Center for China and Globalization (CCG) and co-organized by Chinese Society for International Economic Cooperation of China’s Ministry of Commerce, the forum is notable as a long-running international think tank event in China, keeping a finger on the pulse of economic globalization.

Chen Deming pointed out that as the COVID-19 pandemic remains a threat to mankind, how to strengthen cooperation and seek a balance between epidemic prevention & control and economic recovery is in dire need to be discussed.

Chen Deming noted that China hopes to strengthen cooperation with the international community, live in peace and jointly promote the development of the global economy.

Chen Jian, CCG advisor and former Vice Minister of Commerce, believes that the world can integrate all strengths to promote infrastructure development. He mentioned that the global economy has suffered the second biggest recession since World War II. And investment and construction in infrastructure development, he thinks, would boost the global economy.

“China proposed the Belt and Road Initiative back in 2013; the United States proposed the Blue Dot Network, and recently G7 has decided to launch a new global infrastructure initiative ‘build back better world’ or b3w,” he explained, adding that the basic connotations of these plans, ideas, and visions are of common interest for the globe.

“The interests of mankind are common; and when all the forces are combined, that force would be enormous,” Chen Jian added.

Chen Deming agreed by saying that infrastructure is not just about railways, roads and bridges, but it is also about new infrastructure such as network construction, virtual economy and so on.

Many remote villages in China have been lifted out of poverty these years as their infrastructure has been improved. “If developed countries and emerging economies could help less-developed countries and areas with their infrastructure, not only will their economies and domestic markets grow, but we will also have a bigger global market, and we will be able to solve the problems of overcapacity and labor mobility in our countries. It’s a win-win solution,” he further said.

Developed countries, emerging economies and developing countries can jointly formulate investment standards and international rules to carry out infrastructure construction, which should be agreed upon on a multilateral basis, Chen Deming added.

According to CCG, the annual forum aims to present animated debates, insights, and forward-looking strategies from experts, stakeholders, and policy insiders on post-pandemic global and regional developments and China’s vision for responding to global challenges.

Hundreds of experts from government, industry, universities and research institutions in the field of globalization from home and abroad participated in the forum on July 30 to exchange ideas and make recommendations for China to comprehensively deepen reform and opening-up, actively promote globalization and participate in global governance, and build social consensus for a new type of globalization.

Source: China Economic Net

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