Policy coordination can spur common prosperity

This is an editorial from China Daily.

The talks Chinese Premier Li Qiang is hosting in Beijing on Monday with heads of 10 international economic organizations are expected to be conducive to improving the global economic governance system and promoting global common prosperity.

Under the theme of "Building Consensus on Development to Promote Global Common Prosperity", Premier Li and his guests, including heads of the World Bank, the International Monetary Fund, the World Trade Organization, and the Organisation for Economic Co-operation and Development, are scheduled to have intensive discussions on the prospects for world economic development.

According to the agenda of the "1+10" Dialogue, the three topics under which they are to exchange views are "Seizing Opportunities in Transformation to Promote World Economic Transition and Growth", "Upholding Multilateralism in Advancing Reform and Development of the Global Economic Governance System" and "China's Endeavor to Further Deepen Reform Comprehensively and Break New Ground in Chinese Modernization".

These topics are all pertinent to the practical challenges confronting the world economy on both the macroeconomic and microeconomic levels. If a common understanding can be reached through the dialogue, it would hopefully prompt the relevant parties to make concerted efforts to help the world economy overcome its obdurate difficulties.

With the rise of anti-globalization sentiment and intensified geopolitical conflicts, more and more parties have switched their focus from working together to make the pie bigger for all to scrambling for a larger share of the existing pie for themselves.

But if countries only consider maximizing their own interests and ignore the interests of others, and even resort to "decoupling" and "de-risking" measures that aim to build "small yards with high fences" to protect their own interests and development rights at the cost of others', they will only raise the costs of economic operations, sever economic ties between regions, intensify contradictions and disputes, and drag countries around the world into a vicious cycle of dog-eat-dog competition.

China strongly opposes these shortsighted and selfish practices and the zero-sum mentality they represent. As the world's second-largest economy and a major manufacturing base, logistics hub and investment destination, China firmly upholds free trade, inclusive economic globalization and fair multilateral global governance.

Countries should treat the global economic challenges with a sense of camaraderie and responsibility. China is committed to building a fair and transparent business environment under the rule of law for all market entities and is willing to work with these international economic and financial organizations to strengthen macroeconomic policy communication and maintain an open market environment.

In the process of strengthening macroeconomic policy coordination and working together to explore new growth drivers and new frontiers of high technology, countries should discard their zero-sum game approach, and create an open, fair and nondiscriminatory environment for each other.

To that end, China is ready to work with these international organizations, and other like-minded partners, to strive for a balanced and sustainable recovery of the world economy.

With the implementation of a series of effective and precise incremental policies, China's economy has maintained a positive trend since the beginning of this year, and the country has the confidence and ability to achieve its annual growth target of about 5 percent. China is willing to continue to share with the world its development dividends and opportunities.

All responsible players should work closely together to replace bloc confrontation with inclusive win-win cooperation, replace decoupling with efforts to stabilize global industry and supply chains, and replace "small yards with high fences" approaches with trade and investment liberalization and facilitation efforts.

China will continue to support the organizations to advance their respective institutional reforms so they can play an active role in macroeconomic and financial policy formulation to support a recovery of the global economy.

And it will also continue to support developing countries with practical actions so as to promote inclusive and equitable development.

At the same time, it is ready to make concerted efforts with relevant parties to enhance the representation, voice and influence of emerging market countries and developing countries in international affairs.