Xie Fuzhan, president of the Chinese Academy of Social Sciences, addresses the International Forum for Open Global Economy in Osaka, Japan, on Tuesday. [Photo by Zou Hong/China Daily]
Proactive action to mitigate trade tensions and embrace an open global trading system is urgently needed to help the world's turbulent economy get back on track, experts said at a forum ahead of the 2019 G20 summit.
The forum, co-organized by China Daily and the Chinese Academy of Social Sciences, was held on Tuesday in Osaka, Japan.
Leaders from international institutions expect the summit to promote global economic development and improve global governance.
The International Forum for Open Global Economy was held days before the highly anticipated meeting between President Xi Jinping and United States President Donald Trump on the sidelines of the two-day summit, which begins on Friday.
Observers see the expected Sino-US meeting as a breakthrough in the contentious bilateral trade negotiations and an opportunity to ease friction.
In an environment characterized by uncertainty and the contraction of trade and investment, an open economy could be consolidated by multilateral mechanisms that advocate policy coordination, innovation and inclusive development, Xie Fuzhan, president of the Chinese Academy of Social Sciences, said at the forum.
"The US, which once was a supporter of free trade, is now turning against an open global economy and multinational cooperation. That is the root cause of the deteriorating international trade environment and an obstacle in Sino-US trade talks," Xie said.
China, on the other hand, will continually deepen opening-up and push forward domestic reforms, Xie said. He forecast that over the next 15 years, China will import $24 trillion in goods, attract $2 trillion in foreign direct investment and invest $2 trillion overseas, indicating that the country's opening-up will offer greater development opportunities for the world.
A report previewing policy of the G20 Osaka Summit was jointly issued by China Daily's think tank China Watch Institute and the Institute of World Economics and Politics under the Chinese Academy of Social Sciences on Tuesday in Osaka.
It reaffirmed the significance of "building an open global economy"－a concept that was first proposed by President Xi in 2013 when he attended the G20 St. Petersburg Summit.
Experts who contributed to the report agreed that an open global economy is the foundation for facilitating global trade and rules-based governance, and it can boost technological advancement, nurture more high-caliber talent and promote innovation and inclusive development.
The report supports multilateral mechanisms, including the G20 which remains the center of gravity in global governance for tackling complex transnational issues.
"But they should dovetail with regional and subregional mechanisms as well as special arrangements in such fields as finance, infrastructure and climate change," said the report.