Xiconomics: how Xi’s economic philosophy promotes global governance

People visit the 4th China International Import Expo (CIIE) in Shanghai, east China, Nov 5, 2021. [Xinhua/Li Xiang]

BEIJING – “The right path for mankind to follow is peaceful development and win-win cooperation,” Chinese President Xi Jinping said during the virtual session of the World Economic Forum (WEF) 2022 in mid-January. offering China’s solutions to global challenges, including the COVID -19 pandemic.

“Different countries and civilizations can prosper together based on mutual respect and seek common ground and win-win outcomes by setting aside differences,” he added.

Xi’s remarks elaborated on the Chinese president’s “xiconomy,” or economic philosophy, demonstrating China’s commitment to building a harmonious world, promoting common development and enhancing the common interests of mankind.

WIDER OPENING

“We must learn by comparing the long cycles of history and see how things change through the subtle and the minute. We must foster new opportunities amidst crises, open new horizons in a changing landscape and put great strength to weather difficulties and challenges, Xi said in his special address, giving insight into a world hit by both the COVID-19 pandemic and sluggish economic growth.

Over the past two years, under the guidance of Xi’s economic thinking, China has struck a delicate balance between pandemic control and economic development.

In 2020, China became the only major economy with positive growth. In 2021, its gross domestic product recorded an 8.1% year-on-year increase, contributing about a quarter of global economic growth and exceeding most market expectations. The country has also played a crucial and irreplaceable role in supporting global supply chains.

A container ship of Chinese company COSCO Shipping docks at a new container terminal at the port of Long Beach in California, United States, on August 20, 2021. [Photo/Xinhua]

Alexander Petrov, a professor at St. Petersburg State University, said China’s success proved that in a socialist market economy it is possible to coordinate effective economic development and social governance , which is necessary for global economic recovery from the pandemic. time.

China has once again become one of the “powerhouses of the global economy,” said Jochen Goller, chairman and CEO of BMW China, who praised China’s concerted efforts and strong resilience both to successfully fight against COVID-19 and to stimulate economic recovery.

China’s steady growth has served as a stabilizer for the global economy amid the pandemic. It has implemented a development philosophy characterized by openness and cooperation, which has helped to strengthen global solidarity for economic recovery.

“Countries around the world must stand up for true multilateralism. We must break down barriers, not build walls. We must open up, not close. We must seek integration, not decoupling. This is how we can build an open global economy,” Xi said. , urging countries around the world to “make economic globalization more open, inclusive, balanced and beneficial to all, and fully unleash the vitality of the global economy.”

Humphrey Moshi, director of the Center for Chinese Studies at the University of Dar es Salaam in Tanzania, said that “China has been at the forefront of encouraging multilateralism among countries around the world, and it has done so through cooperation on the principles of a win-win situation.”

“As a strong supporter of globalization, China actively participates in and promotes international cooperation against COVID-19, providing medical equipment and vaccines against COVID-19 to many countries,” Moshi said.

Aerial photo shows a train crossing the Yuanjiang Main Bridge over the Yuanjiang River in southwest China’s Yunnan Province, Jan 18, 2022. [Xinhua/Chen Xinbo]

Xi’s proposal to enhance interconnectivity and promote common development provides an opportunity for cooperation among developing countries, Pholsena said.

According to the World Bank, BRI transport projects could, by 2030, help lift 7.6 million people out of extreme poverty and 32 million people out of moderate poverty worldwide.

“The more we study the BRI and witness its continued progress, the more we can appreciate the vision and wisdom of President Xi’s economic thinking on global development,” said former Egyptian Prime Minister Essam Sharaf.

DEVELOPMENT FOR GOOD

To meet global challenges and seek sustainable development, the Chinese president has promoted building a community with a shared future for mankind.

Humanity has been presented with two choices – one is fierce competition or even armed conflict for power and self-interest, which may well lead to a disastrous crisis, Xi said while addressing the CCP (Chinese Communist Party) in Dialogue with the World. High level meeting of political parties in 2017.

“The other is that we go with the times and meet challenges through global collaboration,” he said. “This, in turn, will create favorable conditions for building a community with a shared future for humanity.”

For Khalid Taimur Akram, Executive Director of the Center for Global and Strategic Studies in Islamabad, the notion of building a community with a shared future for humanity is important for global development today.

China has provided a platform for all to turn this vision into reality as the international community seeks ways to advance cooperation and resolve differences, Akram said.

In his September 2021 speech during the general debate of the 76th session of the UN General Assembly via video, Xi said, “We must revitalize the economy and pursue more robust, greener and more balanced global development. Development is the key to the well-being of peoples”. -be.”

Abdulla Shahid, President of the 76th session of the United Nations (UN) General Assembly, speaks at the closing of the general debate of the 76th session of the United Nations General Assembly at UN Headquarters in New York , September 27, 2021. [Xinhua/Wang Ying]

He then urged countries around the world to “work together to steer global development towards a new stage of balanced, coordinated and inclusive growth”, and proposed the Global Development Initiative (GDI) to this end.

Welcoming the GDI, Tanzanian Minister of Foreign Affairs and East African Cooperation Liberata Mulamula said the pandemic is a reminder that the world is a community and no country should be left behind.

Since Xi hinted at the concept of building a community with a shared future for mankind in 2013, China has enriched it to reflect the hope of people in all countries for a better world.

“We must follow the trend of history, work for a stable international order, uphold the common values ​​of mankind, and build a community with a shared future for mankind. We must choose dialogue over confrontation, inclusion rather than exclusion and oppose all forms of unilateralism, protectionism, hegemony or power politics,” Xi said at the WEF meeting in January.

The notion of a community of shared destiny is the right path for human development, which could help reduce global inequalities, said Ronnie Lins, director of the China-Brazil Center for Research and Business.

The Chinese president’s philosophy has deep theoretical significance, said Maxim Rybachuk, senior researcher at the Central Institute of Economic Mathematics of the Russian Academy of Sciences.

“We talk about development concepts such as inclusive growth and dual circulation that have benefited both Chinese people and people in other countries,” Rybachuk said.

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