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China’s accession to the WTO facilitates globalization, favors international progress – US economist

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China’s accession to the WTO facilitates globalization, favors international progress – US economist

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China’s accession to the World Trade Organization (WTO) two decades ago was “a huge boost to globalization” that benefited both China and the world, said a renowned US economist.

“Without (China) membership in the WTO, much economic growth and integration would not have happened,” said Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University, in a recent interview with Xinhua.

Sachs said he believed in globalization “because we really benefit from sharing our knowledge about travel and tourism, about different cultures, different forms of knowledge, different ways of innovation.”

He noted that China has become a major player in the past few decades and has become “now the main trading partner for most of the world,” which is not only “a remarkable achievement” but also “a great benefit for them.” World “is.

Over the past 20 years, China’s global ranking of goods trade has risen from sixth to first, and that of its services trade from eleventh to second.

Sachs called China’s continued efforts to build economic and trade ties with other countries an “excellent strategy,” saying that the world’s second largest economy is being recommended “to continue to trade with other parts of the world,” adding that China can “Play an enormous role”. positive role ‘in development in regions such as Southeast Asia, Central Asia and Africa.

Actions like the Belt and Road Initiative are very important to fund development elsewhere, improve infrastructure and build the lagging economies that are “mutually beneficial” in the long run, he noted.

Sachs, who is also a senior advisor to the United Nations, praised China’s role in protecting multilateralism.

“China is a big supporter of the multilateral system and that is exactly what we need now,” he said. “Most of our problems are global. Without effective global institutions, we will not be able to solve these problems. “

Sachs also highlighted China’s “very constructive role” in stabilizing the global supply chain, pointing out that other countries should also make their own contribution to alleviating the current supply chain disruptions.

Meanwhile, he stressed the importance of “keeping the international trading system open” as “an open international trading system is good for the world”.

Sachs warned of the consequences of the US obsession with the so-called “decoupling theory” while stressing the need and urgency for closer cooperation between the world’s two leading economies.

“Those who say we should decouple could lead us into conflict, which would be very dangerous. I like the interdependence, ”he said.

“It is extremely important that China and the United States find cooperative approaches” to addressing their differences, maintaining normal economic relationships, and working together to address some major issues such as climate change, the COVID-19 pandemic, and ecosystem conservation to solve, he said added.
Source: Xinhua

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