摘要：First and foremost, I would like to express my gratitude to the organizers for inviting me to this forum. As a prominent think tan

A Common Trial for the World: Transforming Challenges into Opportunities

—Keynote Speech at the Opening of the 11th China & Globalization Forum

Zhang Jun

May 22nd, 2025

Distinguished guests,

Ladies and Gentlemen,

First and foremost, I would like to express my gratitude to the organizers for inviting me to this forum. As a prominent think tank dedicated to exploring cutting-edge issues of global development, the Center for China and Globalization has played a pivotal role in fostering meaningful discussions on major international issues and facilitating dialogue and exchanges. This year’s forum focuses on "Globalization in a Multipolar World," which is particularly timely and relevant given the latest developments in the international landscape. Indeed, as multi-polarization is gaining momentum, challenges and uncertainties are also on the rise within this transforming world. The most pressing challenge currently facing us is the tariff war launched by the United States on a global scale. I would like to take this opportunity to share some reflections on how we could perceive and respond to these challenges.

The tariff war has been the subject of extensive discussions from multiple aspects. It becomes evident that the tariff war initiated by the United States is destined to fail in attaining its objectives, because of three serious mistakes. First, it is grounded in a misconception. Second, it represents a miscalculation. Third, it constitutes a misconduct.

The rivalry over the tariff war will continue to unfold. Although notable progress has been achieved in the China - US consultations, which demonstrates a positive development, the tariff war has already exerted profound and far-reaching destructive effects, both in the immediate term and over the long haul. As the situation continues to evolve, we must remain highly vigilant. Efforts are required to prevent the international order from degenerating into "international disorder" and to avoid plunging the world into greater turmoil.

Undoubtedly, the impact of the ongoing tariff war goes far beyond its economic context. It is important to analyze the tariff war through the lens of broader global transformations, grasping the major trends of geographical shift and seizing potential opportunities. In fact, the tariff war itself is an integral part of this broader paradigm shift. The failure of the tariff war to yield the anticipated outcomes for the United States confirms the occurrence of significant changes, and the tariff war has validated and even accelerated these changes.

Firstly, the realignment of the global power configuration is gathering pace. With the momentum towards a multipolar world becoming robust, the Global South is rising at an unprecedented pace, playing an increasingly important and even a decisive role in shaping the global agenda and restructuring the economic order. China's response to the tariff war has been characterized by three distinct features. First, China has demonstrated the courage to oppose unjust actions and uphold principles of justice. Second, China has manifested the capacity to effectively counter-strike. Third, China has managed to maintain the overall stability of its economy. Recently, the high-level economic and trade talks between China and the US have made substantial progress, with both sides mutually and significantly reducing the previously imposed tariffs. The significance of the agreement goes far beyond the domains of tariffs and trade alone and may become a milestone marking a shift in the US's dominant power game.

Secondly, the transformation and readjustment of world economy is accelerating. Economic development is inherently a dynamic process and is currently at another critical juncture. The growth model is increasingly shifting towards innovation-driven strategies, economic goals are becoming more focused on green and sustainable development, economic benefit distribution is more prioritizing fairness and justice, global production and supply chain configurations are more diversifying, and economic governance is evolving from “unilateral dominance” to multipolar cooperation. Against such a backdrop, only those who proactively engage in economic transformation and keep pace with the times can secure a favorable position and remain resilient in the global development process.

Thirdly, the transformation of our times is being driven by a technological revolution. Science and Technology innovations are changing human production and lifestyle in all aspects, injecting new impetus while also inciting new competition. Technological competition has already become the forefront of major power rivalry. The onset of the tariff war affirms that the global technological ecosystem and supply chain configurations are transforming. China has established itself as a new hub for innovation-driven development, and countries in the Global South are shifting from "following" to "parallel" and even "leading" roles in this process. This change will increasingly affect the dynamics of global political and economic ecosystem, and eventually become the key driving force for evolutions.

It is important to recognize that challenges and opportunities invariably coexist in our world. The tariff war is still progressing. Despite of positive progress, tangible losses was already incurred. While we focus on recovery efforts, it is vital to analyze the underlying causes and potential influence of this conflict from a broader perspective and explore solutions for the long term. Overall, efforts could be made at four dimensions to transform challenges into opportunities.

First, an accurate understanding must be established in pursuit of win-win development.

The foundation for solving problems lies in correctly perceiving them. The tariff war serves as a stark reminder that nations are interdependent and share a common destiny. We often discuss “the world,” but who constitutes this world? It is us! There has never been an isolated world that has no connection to ourselves. The challenges of the world are our common challenges, and likewise the future of the world is our common future. A nation's greatness must and can only be built upon mutual development with others. Facts have proved that the tariff war is a dead end and does not serve the interests of any country. Returning to seek win-win outcomes and resolve disputes through consultation is the right path forward. To this end, it is imperative to remain open and seek common development through opening-up. Choosing isolation in the face of challenges, imposing sanctions due to others’ progress, and decoupling out of fear of competition are neither the effective solutions nor the appropriate ways to development. Openness is the prevailing trend of the times and the inevitable way for growth. Only by addressing problems in an open environment can we find fundamental solutions. Meanwhile, rules must be adhered to. In this context, major countries bear a special responsibility to maintain coordination and cooperation. They should lead by example in upholding the principles of international relations, international rule of law and universally accepted norms, safeguarding international fairness and justice, and maintaining global strategic stability.

Second, the development of multipolarization should be leveraged to improve the global governance system.

It is crucial that the dividends offered by multipolarization be fully harnessed and explored to inject new vitality into global governance. Most importantly, multilateralism should be adhered to, and the authority and status of the United Nations should be safeguarded. One of the priorities is to promote UN reform, increasing the voice from the Global South, and expanding participation of developing countries in decision-making process so as to make the international system more equitable. UN’s role in development initiatives should be further strengthened, through improving efficiency and concentrating resources on major challenges. Furthermore, it is vital that the reform of the international financial system, represented by the IMF and the World Bank, should be continued to reflect new changes in today’s economic landscape, increase financial support for developing countries, and ensure adequate financing for development. In reshaping the global trade system, while strengthening the World Trade Organizations and addressing the dysfunctions of its dispute settlement mechanism is important, it's more important to leverage on regional mechanisms as complements. Developing countries should also make more efforts in institutionalizing South-South cooperation, including gradually establishing and strengthening monetary, trade and investment arrangements, so as to lay a solid foundation for independent development.

Third, the transformation of the world economy should be seized as an opportunity to foster the rebalancing of economic globalization.

The vitality of globalization hinges on maintaining its inclusive trajectory, ensuring that the benefits are shared among a broader spectrum of countries and populations to embody fairness and justice. Globalization shouldn’t regress into "nationalization". Instead, it should embrace the participation of all nations. To this end, concerted and enhanced efforts should be made to promote comprehensive connectivity, so as to safeguard the integrity of the world economy, prevent further fragmentation, maintain the stability of supply chains, and build diversified supply chain configurations. Simultaneously, there is an urgent need to accelerate the diversification of the international monetary and payment systems, complemented by strengthening regional currency cooperation, as means of mitigating financial risks. With the development of science and technology, it is essential to promote the shared application and collaborative governance of artificial intelligence, reinforce digital connectivity, and invest in digital capacity building to create conditions for economic transformation as well as the upgrading of trade and investment activities.

Fourth, regional cooperation should be strengthened to generate a more powerful development driving force.

In the face of the disruptions to the global economic order, the importance of regional cooperation has significantly increased, thereby creating new opportunities for growth. Efforts should be made to reinvigorate existing trade and investment arrangements, unlocking their potential to a greater extent. There is a need to further intensify regional and cross-regional policy coordination. This includes aligning free trade agreements and trade rules, with an aim of forming a more substantial synergy. Regional connectivity provides significant boost to regional cooperation and therefore should be leveraged to further optimize regional supply chain configurations. Looking to the future, it is essential to upgrade and update regional arrangements and trade rules, integrate the framework of regional initiatives, and make them an important supplement to the global trade system and a robust pillar supporting regional development. It is also necessary to strengthen scientific and technological cooperation, enhance innovation capabilities and development quality, facilitate green transformation, and fortify economic resilience.

Over the years, despite various crises and challenges, Asian countries have remained frontrunners in driving growth, deepening reform, accelerating transformation and enhancing cooperation. Asian countries have also demonstrated resilience amid this tariff war. If Asia is able to turn current challenges into opportunities, it will and could continue to take the lead.

The Boao Forum for Asia has been committed to promoting regional economic integration, enhancing regional cooperation and fostering common development. The Boao Forum for Asia will continue to leverage its unique strength to promote dialogue, enhance trust, facilitate cooperation, and steadily advance the establishment of an equal, orderly multipolar world and an inclusive, mutually beneficial globalization. It is our sincere hope that, having weathered numerous storms, "Globalization in a Multipolar World" will eventually embrace a more promising and prosperous future.

Thank you very much.

来源：博鳌亚洲论坛