The current risks and challenges facing the world's economy are not byproducts of economic globalization but the result of the outdated winner-takes-all mentality of the world's largest economy.
What is required to get the global economy back on track, as President Xi Jinping pointed out in his speech at the opening ceremony of the Second Belt and Road Forum for International Cooperation in April, is for countries to say no to protectionism and make concerted efforts to make economic globalization more open, inclusive, balanced and beneficial for all.
China's 40 years of reform and opening-up are an example of maximizing absolute and comparative advantages by enlarging the market and enhancing the division of labor. China achieved speedy development by boosting the flow of production factors, lowering transaction costs, creating a unified domestic market and opening up to engage in international division of labor and exchanges. In the past four decades, China's trade in goods has soared from $20.6 billion to $4 trillion, and now ranks first in the world.
Openness has promoted its technological advancement because international competition has stimulated its independent research and development, and facilitated learning from advanced technological achievements and management experiences.
Any country that wants to advance its science and technology must have a global perspective. And with the role of technological advancement becoming more important, much of China's cooperation with other countries is focused on science and technology.
It can be said that progress in productivity is closely related to technological advancement. Former leader Deng Xiaoping said that science and technology are the primary productive forces that give a clear picture of the positive contribution made by technological progress to enhanced productivity.
Therefore, independent innovation can never happen with doors closed. It can blossom only in an open environment.
It is necessary for China to have a global perspective when promoting technological innovation and enhancing its international science and innovation cooperation. It must actively participate in the global technological innovation network and the global governance system for science and technology.
The history of science and technology has proved that those who have first-class talent and scientists will have the advantage in innovation.
In a speech to Chinese academicians in May last year, President Xi stressed that of all the things and beings in the world, man is the most valuable, because man is the creator of all innovations.
There were several hundred million illiterate people in China before the launch of reform and opening-up. But now nine-year compulsory education covers 93.8 percent of the total population, and the average education received by the labor force has reached 10.5 years. Through reform and opening-up, the caliber of Chinese workers was enhanced and talent was developed by means of introducing technical and management expertise, conducting international exchanges and cooperation, and sharing knowledge. As a result, China has improved its ability to create wealth and maintain long-term rapid economic growth.
The world's economy is experiencing sluggish growth. To boost growth, Xi has proposed new development concepts and an innovation-driven development strategy. The goal of China's talent strategy is to cultivate young talent in science and technology in large numbers as well as innovation teams with a global perspective and international standards.
Governments play a vital role in institutional reform and innovation. They should define and protect property rights, safeguard contracts and make sure the market plays a decisive role in the allocation of resources. Governments can also promote the improvement of international institutions and rules.
In some sense, China has both reformed its institutions and helped set international rules during the progress of its reform and opening-up. It has joined virtually all international treaties and organizations, signed free trade agreements with many countries and regions, initiated the Asian Infrastructure Investment Bank and the New Development Bank, and proposed the Belt and Road Initiative.
Openness brings socioeconomic development and national prosperity. No matter how the international landscape evolves, China will continue to follow trends of history with more practical actions.
Despite moves elsewhere toward unilateralism, trade protectionism and trade bullying, China remains committed to greater openness and is working toward realizing historic new achievements in building an open global economy.
The author is director of the Chinese Academy of Social Sciences' Institute of World Economics and Politics. The views do not necessarily reflect those of China Daily.