Zhang Yuyan, head of the Institute of World Economics and Politics under the Chinese Academy of Social Sciences, speaks at the Press Conference on World Openness Report 2021 & International Symposium on Current Situation and Prospects of World Openness during the fourth Hongqiao International Economic Forum in Shanghai, east China, Nov. 5, 2021. China on Friday released the World Openness Report 2021, analyzing the global trends in opening-up, economic governance, global trade and investment. [Xinhua/Zhang Yuwei]
China on Nov 5 released the World Openness Report 2021, analyzing the global trends in opening-up, economic governance, global trade and investment.
The report comprises 12 chapters, mainly on the World Openness Index, economic globalization, global economic governance, trade and investment, China's opening-up, and the Belt and Road Initiative.
According to the publication, the World Openness Index, which measures 129 major economies, had been fluctuating between 0.74 and 0.78 from 2008 to 2019, showing an overall trend of volatility and decline.
Opening-up is the only way for a country to achieve prosperity and development, a key step to its solution of contemporary problems, and also the fundamental driving force for the progress of human civilizations, the report stated.
It added that multilateralism and regionalism are the two wheels driving economic globalization and governance, and the two wheels need to work together to improve global economic governance.
New trends are evolving from global economic governance, including more multilateral governance platforms and changing governance landscape, with governance reform still lagging behind, according to the report.
All countries should adhere to multilateralism and open regionalism, give full play to the constructive role of global and regional multilateral mechanisms, jointly safeguard rules-based multilateral trading system, and strengthen macroeconomic policy coordination, the report stated.
The report, compiled by the Institute of World Economics and Politics under the Chinese Academy of Social Sciences and the Research Center for Hongqiao International Economic Forum, was released during the ongoing fourth China International Import Expo (CIIE) in Shanghai.
