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Chinese President Xi Jinping..(Photo by: REUTERS/THOMAS PETER/POOL)
China firmly stands for economic globalization
By BIN WU
05/15/2018
Through experience of integration to the world economy, China unswervingly stands for economic globalization.
In the past decade, following the global financial crisis, the world economy became massively imbalanced, with a series of problems, such as sovereign debt crisis, global economic recession and sluggish recovery, etc. Some attributed the problems to globalization and triggered waves of anti-globalization and protectionism in trade and investment, thus posing serious threats to global economic and trade development.

Through experience of integration to the world economy, China unswervingly stands for economic globalization.

Since joining the WTO, China has achieved great development through economic globalization, amazing the world with its rapid rise to becoming the world’s second largest economy.

With this glorious achievement, China also experienced the challenges of openness. Some industries were almost destroyed and many workers endured profound changes in their lives. But China chose to integrate into the world, with positive adjustment of its internal economic administration.

The Chinese government has fully realized that openness to the world is not just beneficial for the Chinese people, but also for the development of the world. Economic globalization is a world trend, echoed by most countries, and such a historical tendency cannot be reversed unilaterally, because the world economy has been deeply merged over the past 30 years, in a myriad of ways. Just recall what had happened since NATFA was signed in 1994, or the formation of EU – the benefit has been proven to outweigh the loss in the long run.

With its development experience, the Chinese government is sticking to its stance on economic globalization.

During the Boao Forum for Asia held in Hainan, China on April 10, Xi Jinping, president of People’s Republic of China, announced to the world that China will adopt a series of measures to pursue further opening according to its stand on economic globalization and trade liberalization. President Xi extended sincere invitation to all the countries of the world to participate.

The 1st China International Import Expo (CIIE) will be held in this November in Shanghai, China.

In the next five years, China is looking to import over $10 trillion in high-quality commodities and services to meet the demand of its 1.3 billion population. CIIE was initiated by the Chinese government for the purpose of promoting international trade, economic exchange and cooperation. It is not only an expo in the ordinary sense, but also a gesture showcasing the Chinese government’s policy initiative in accordance with its commitment to open up further.

CIIE is also important and beneficial to Israel. We are glad to hear that the Israel government has already confirmed its attendance at the CIIE. We hope that Israeli companies can showcase their best high-end products and explore more business opportunities in the CIIE. The pragmatic cooperation between the enterprises of our two countries is mutually beneficial and will surely contribute to the promotion and deepening of the China-Israel Comprehensive Innovative Partnership.

The author is the economic and commercial counselor of the Embassy of People’s Republic of China in the State of Israel.
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