Globalization: common prosperity and win-win cooperation
Published: Jun 27, 2022 11:24 PM
Globalization Photo: VCG
Photo: VCG

We have witnessed how the world economy, challenged by the raging COVID-19 pandemic and undermined by bloc confrontations, unilateral sanctions, decoupling and supply disruptions, is having a difficult time recovering. The stability of global industrial supply chains and capital flows is being severely damaged. Global energy, food and financial crisis are happening.

Globalization helps optimize the allocation of industrial factors in the world based on UN regulations, fair competition and market rules for mutual benefit. Developed countries, with advantages in capital, technology and human resources, have won a huge share of the market and substantial benefits from globalization. On the other hand, developing countries have accessed capital, technology and know-how, strengthening economic growth, boosting the construction of infrastructure and improving people's lives. In return, developing countries have been producing high-quality goods and services at more reasonable prices and have emerged as even larger markets for developed countries.

As it has turned out, mankind has become a close-knit community of shared future with shared interests and achieved win-win cooperation for common development. Facts speak loudly that economic globalization is a response to the development of productivity and, as such, represents an unstoppable historical trend. It is not a favor handed down by one country to another, nor will it ever be reversed or changed.

Economic globalization empowers world growth but it cannot and will not solve the problem of how to share the pie. Some countries hold capital first. Interest groups in control of capital and technology are free to monopolize distribution of benefits brought by globalization, while the masses are deprived of their fair share. The rich becomes richer and the poor poorer. The richest one percent of the population of some countries own more wealth than the remaining 99 percent. Social fragmentation, political polarization and nationalism are on the rise and impairing globalization.

Some politicians in those countries just will not let go the Cold War mentality such as zero-sum games. They politicize, weaponize and create political cliques in economic cooperation, undermining global industrial supply chains and capital flows and threaten the life, work and very existence of people of the world. It is crystal clear in the eyes of anyone who is unbiased that economic globalization is not to blame but the systematic failure of wealth distribution and overall governance in those countries.

For more than 40 years, China has pursued a policy of reform and opening-up and taken a people-centered approach for common prosperity at home, while grasping the opportunities brought about by globalization in the international arena. China has remained committed to building a community of shared future for mankind, promoting the Belt and Road Initiative guided by the principles of extensive consultation, joint contribution and shared benefits and working with other countries for win-win cooperation for common development.

China has upheld and developed socialism with Chinese characteristics, letting the market play a decisive role in allocation of resources and allowing the government to better fulfill its role and benefit all the people. The per-capita disposable income in the country has increased more than 200 times in the past 40 years. China has achieved a complete victory over extreme poverty and built a moderately prosperous society in all respects for all 1.4 billion people. A survey done by Harvard University for 10 consecutive years indicates that people's satisfaction of the government has been consistently above 90 percent in China.

Globalization, proven by China's success, is the right choice to lead to economic development and people's wellbeing. But the key to success is to ensure that all the achievements of development must be shared by all.

China has been participating, benefiting and contributing to economic globalization, and become a trailblazer of globalization with Chinese characteristics, striving for modernization for common prosperity at home, while promoting globalization under win-win cooperation for common development internationally. China has been contributing its solutions and wisdom for globalization in the 21 century.

In spite of the backlash against economic globalization, the trend of history remains unstoppable. Peace and development remain the underlying themes of our times. Peace, cooperation and development are common aspirations of the peoples from all across the globe. There exist differences in social systems, development methods, values and ideas. However, peaceful coexistence and win-win cooperation for common development will be achieved as long as mutual respect, seeking common ground while shelving differences, and equal and mutually beneficial partnerships are in place.

China, along other countries, will promote extensive consultations and joint contributions to deliver shared benefits, enhance global economic governance, make globalization more open, inclusive, balanced and beneficial for all, boost the free flow of capital and technology, unleash the full potential of innovation and creativity, and foster synergy in boosting global economic growth to build a better world for all peoples around the world.

The author is the President of the Chinese People's Association for Friendship with Foreign Countries. opinion@globaltimes.com.cn