【Editor's Note: In order to comprehensively introduce the  connotation and practice of building a community with a shared future for mankind, help people understand this initiative by President Xi Jinping, gather broad consensus, and join hands in building a community with a shared future, from April, the Consulate General of the People’s Republic of China in Perth will publish an article each week on the theme of “A Shared Future, A Better World”.】

Pressing ahead with a new type of economic globalization

Economic globalization is an irreversible trend of global economic development, and is in line with the desire for development and cooperation held by people of all countries. Economic globalization has greatly facilitated trade, investment, flows of people, and technological advances, making an important contribution to global economic development.

However, problems and drawbacks also accumulated in the process, and there are attempts at retreating from it. The current model of economic globalization fails to reflect the demands or represent the interests of developing countries. The law of the jungle, zero-sum game, and the “win-or-lose”, “winner-takes-all” mindset have exacerbated the divide between the rich and poor, as evidenced by the widening gap between developed and developing countries, and that within developed countries. Some countries blame their problems in domestic governance on economic globalization or other countries, and resort to unilateral, protectionist, and bullying actions. This has damaged global industrial, value, supply and consumption chains, and caused turbulence and even conflict in the current international trade order.

Promoting a new type of economic globalization is essential for building a global community of shared future. Countries need to pursue a policy of openness and explicitly oppose protectionism, the erection of fences and barriers, unilateral sanctions, and maximum-pressure tactics, so as to connect economies and jointly build an open world economy. Countries should strive to build a system of fair, reasonable, and transparent international economic and trade rules, press ahead with trade and investment liberalization and facilitation, and promote further global economic openness, exchange, and integration in order to form an economic globalization that is open, inclusive, balanced and beneficial for all, so that people of all countries can share the fruits of economic globalization and world economic growth.

Opening up should be a two-way journey, not a one-way street; one cannot demand the opening of other countries while closing its own doors. Some countries are seeking to decouple from and break chains with China, enclosing themselves in “small yards, high fences”, which will ultimately only backfire on themselves. Some people overstate the need to “reduce dependence” and “derisk”, which is essentially creating new risks. Risk prevention and cooperation are not mutually contradictory, whereas non-cooperation is the biggest risk and non-development is the biggest threat to security. Pursuing de-sinicization in the name of derisking and reducing dependence undermines opportunities, cooperation, stability, and development.

The current revolution in science and technology marked by artificial intelligence will have a profound impact on the new round of economic globalization and social development. Relevant rules and standards should be established to support scientific and technological innovation and guard the red line of human security. The interests of all countries, especially developing ones, should be taken into account in a balanced manner, to ensure that technological innovation is placed under the rule of law and internationally recognized norms, and ensure that innovation is steered by and works for humanity, and is consistent with human values.