Guest Q&A| ZHENG Yongnian: China's Openness Shaping Global Trade

摘要：Given the general direction of economic globalization, what do you think will be the main force driving the construction of an ope

Given the general direction of economic globalization, what do you think will be the main force driving the construction of an open world economy? What governance platforms and coordination mechanisms will this process rely on?

ZHENG Yongnian

Honorary Dean of the School of International and Public Affairs, Shanghai Jiao Tong University; Dean of the Advanced Institute of Global and Contemporary China Studies of the Chinese University of Hong Kong, Shenzhen

The re-globalization of capital is a significant force. U.S. capital needs to balance both international and domestic demands, while capitals from European countries and many emerging economies generally support globalization.

At the same time, China's opening-up policies, particularly its unilateral opening-up strategy, have the potential to reshape the global trade landscape. As the world’s second-largest economy, China's market openness itself acts as an international public good. Historically, the greatness of the United Kingdom and the United States was rooted in their unilateral openness. Today, China is beginning to practice unilateral opening-up, demonstrating confidence as a major power. China has signed free trade agreements with 29 countries and regions and has just concluded the China-ASEAN Free Trade Agreement 3.0. Furthermore, China has proposed expanding its independent opening with an orderly opening up of its markets for goods, services, capital, and labor, and extending unilateral access to the least developed countries. China's unilateral opening-up policy is expanding into more and more sectors and has been incorporated into the policy framework of the CPC 20th Central Committee's Third Plenary Session, solidifying its place as a national policy.

A series of unilateral opening-up policies have already had a positive impact on many countries in the 27th China-ASEAN Leaders' Meeting, China expressed its willingness to explore implementing unilateral opening-up measures for ASEAN countries, gradually moving towards a higher level of two-way openness to promote regional economic integration. If China and ASEAN can establish a common large market, it will be of significant importance for the economic development of China, ASEAN, and the global economy. Meanwhile, by co-building the Belt and Road Initiative, China is promoting the economic development of participating countries, which will also positively impact the reshaping of the global trade structure.