Why more Chinese embrace globalization

By Long Yongtu
0 Comment(s)Print E-mail China.org.cn, May 19, 2017
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The promise of technology [By Zhai Haijun /China.org.cn]

During the past one or two decades, the view towards globalization among Chinese has transformed remarkably, as people who cast doubts and skepticism to the global tendency begin to be convinced that the country should definitely be involved in the process, if not, leading it.

In my opinion, the globalization we're talking about today should first be the economic globalization, which is generally influenced by three essential factors:

First, the substantial progress made in science and technology, evolving from information technology to artificial intelligence, is the most vital driving force which directs the globalization of the world's economy. The power of science and technology extends beyond the borders as a leading force in fueling productivity. It's therefore important to study the new characteristics and trends of scientific and technological advancement.

Second, multinational conglomerates press ahead with economic globalization through international trade and investment.

Third, economic globalization is actually a process of global industrial transference and restructuring. During the past few decades, the manufacturing industries have shifted from the developed to the emerging economies with the transference of technologies and human resources.

Multinational corporations used to be the main carriers of economic globalization, but now, after the birth of the Internet, thousands of small and medium-sized enterprises have enjoyed equal access with big firms to information, technology, trade and investment.

The essence of economic globalization used to be a massive transference of industries, such as steel manufacturing, from the developed economies to the emerging economies. But up to date, it's more about the extension of the industrial chains and the establishment of supply chain networks.

There is an argument that globalization is in reversion or even will disappear. How can we make an objective and comprehensive judgment of new developments in the economic globalization? Why is globalization suffering setbacks in today's world? And why has anti-globalization sentiment risen in the U.S. and European countries?

Actually what have caused the setbacks and problems during the process of globalization does not lie in the globalization itself, but in governments' approaches to deal with the impact of globalization upon social stratification. Different social classes have not got the fair share of benefits from the economic globalization. How to address this problem, therefore, is vital to the steady progress of globalization.

Since the 18th National Congress of the Communist Party of China, China's state leadership has vowed a targeted approach to alleviating poverty in order to narrow regional gaps and solve unequal development and distributions. The latest plan to build Xiongan New Area in north China's Hebei Province is one of such strategies aimed at balancing regional development.

As a result, facing the problems arising from globalization, the majority of Chinese people have embraced openness and reforms.

Seeking a fair distribution is China's experience which can be a reference to Western countries when they address domestic anti-globalization sentiments.

Another argument is that under the current circumstances China will take place of the United States to lead the economic globalization. I don't think this will come any time soon. Despite its cutting-edge technologies in limited areas, the gap remains huge when China compares its scientific and technological development with that of Western countries.

Although more and more Chinese firms have been listed among the top 500 companies in the world, many of them are less competent in view of their core values which will not allow them to become the major carriers of the economic globalization.

Last but not least, China still has a long way to go to upgrade its low-end industries into high-end ones.

The author is the former chief negotiator for China's accession to the WTO and the current co- chairman of Global CEO Conference.

The article was first published in Chinese and translated by Wu Jin.

Opinion articles reflect the views of their authors only, not necessarily those of China.org.cn.

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