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China stresses safeguard of economic globalization, multilateral trading system

Updated: Dec 12,2017 7:59 AM     Xinhua

BUENOS AIRES — China has always been a firm proponent of economic globalization and the multilateral trading system, Zhong Shan, Minster of Commerce said on Dec 11.

Zhong made the remarks during the plenary session of the 11th World Trade Organization’s ministerial conference held in Buenos Aires, Argentina’s capital.

Zhong states that economic globalization is an irreversible historic trend and a major driving force for global economic growth and World Trade Organization (WTO) rules provide crucial institutional safeguard for economic globalization and serve our common interests.

In the face of new situations and challenges, China stands ready to work with WTO members and guide the process of globalization towards a more open, inclusive, balanced and win-win direction that will benefit all, Zhong added.

China is also willing to help WTO members in need implement the negotiation outcomes of the agreement and help the less developed countries (LDCs) integrate into the multilateral trading system, said Zhong.

On Saturday ahead of the ministerial conference, China signed a Memorandum of Understanding with the WTO Secretariat on the 7th phase of the China Program. The program, initiated in July 2011, aims to help LDCs integrate more effectively into the global economy by strengthening their participation in WTO activities and by helping those not yet members to join the Organization.

Zhong stressed that basic principles of WTO are safeguard for economic globalization and China has always been a firm advocate of multilateral trading system.

According to Zhong, the Belt and Road initiative proposed by China was well-received by over 140 countries and more than 80 international organizations.

The Belt and Road Initiative, comprising the overland Silk Road Economic Belt and the 21st-Century Maritime Silk Road, seeks to build a trade, investment and infrastructure network connecting Asia with Europe and Africa, along and beyond the ancient Silk Road trade routes.

Zhong said that China will host the first China International Import Expo in Shanghai in November of 2018, which is a big step for China to promote economic globalization and open up its market as well as a public good that it provides for inclusive and mutually-beneficial global growth.

China will facilitate all countries in their participation and give more preferences to developing countries and the LDCs and welcome active participation by WTO members, said Zhong.

The 11th World Trade Organization’s ministerial conference, kicked off on Sunday and attended by ministers or representatives from 164 WTO members and some observers, will discuss the future directions of the work of the Organization, and strive to negotiate on a series of issues for outcomes.

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