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Vice-premier calls for building inclusive, open world economy

Updated: Jan 22,2020 07:42 AM    Xinhua

DAVOS, Switzerland — Vice-Premier Han Zheng said in Switzerland on Jan 21 that the fundamental solution to problems in economic globalization lies in building an inclusive and open world economy together.

Han, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said in a speech at the 2020 annual meeting of the World Economic Forum in Davos, Switzerland, that as economic globalization stands at a crossroads, which way should be taken is a question that deserves attention and serious reflection.

To deal with the difficulties faced by economic globalization, it is essential to grasp the underlying patterns and general trend, Han said.

Economic globalization is a historical trend, an essential condition for productivity growth and a natural result of advances in science and technology, he said.

In a world where all economies are deeply integrated, no country can achieve sustainable development outside the global division of labor, he said.

Unilateral and protectionist practices, which run counter to the global trend, will lead nowhere and end up hurting everyone's interests, he said.

All countries should stay committed to consultation on the basis of equality and overcoming difficulties together, he said.

"We should make economic globalization more open, inclusive, balanced and beneficial for all," Han said.

The vice-premier urged the international community to uphold multilateralism and the core status of the United Nations in the international system and abide by the international law and widely recognized norms of international relations.

All countries should adhere to the principles of extensive consultation, joint contribution and shared benefits to bring about a brighter future, he added.