A deeper understanding of the logic and evolving trends of economic globalization could steer the process so it is more open, inclusive, balanced, equitable and beneficial to all.

The deepening economic globalization, could in turn give rise to ever-closer economic cooperation among countries.

Globalization has stimulated world economic growth by facilitating the flow of goods and capital, advanced progress in technologies and civilizations and promoted people-to-people exchanges.

From this perspective, economic globalization is a natural result of technological progress. In other words, science and technology are the primary production as well as the revolutionary forces pushing forward historical development. Every industrial and technological revolution exerts a huge and profound influence on human society and drastic changes on the landscape of the world.

In today's world, the role of science and technology is increasingly prominent. Sci-tech innovation is the decisive factor of social and labor productivity growth, and also a key force in advancing education, culture, sports, healthcare and art.

In particular, the rapid development of information technology, with the internet as the representative, has quickened the pace of economic globalization in new areas through new ways, bringing economies and people even closer.

Hence, under the surface of the ceaseless flow of goods, capital, information and professionals lies the essence of economic globalization - technological progress and innovation.

The multilateral trading system and regional trade arrangements are the two wheels of the cart of economic globalization. Trade is an engine of economic growth as well as the most basic form of economic globalization. Trade growth could not be realized without the improvement of international trading rules.

Nowadays, international trading rules have become increasingly universally applicable, one of the defining characteristics of economic globalization. The multilateral trading system, with the World Trade Organization at the core, is the cornerstone of international trade, playing a pivotal role in promoting global trade growth and building an open world economy.

In the meantime, there has been an apparent increase in regional trade arrangements, as regional cooperation has picked up speed, injecting strong momentum into the world economy.

Economic globalization has greatly promoted trade prosperity, investment facilitation, personnel flows and technological progress. But the other side of the coin is that, when the unfair, unreasonable old international economic order is yet to be improved, economic globalization is followed by unbalanced, unequal development of the world economy, causing new risks and challenges such as lopsided development, governance predicaments and digital gaps.

So, global problems arising from economic globalization cannot be resolved by counter-globalization or anti-globalization activities, but by strengthened international economic cooperation and further integration of economic factors and development resources worldwide.

Since the global financial crisis in 2008, economic globalization has shown some new features. In this regard, President Xi Jinping made the remarks that we are faced with profound changes of economic globalization which should adjust in the form and content toward being more open and inclusive, more balanced and equitable and beneficial to all.

To this end, it is necessary to upgrade the global trade governance system so it conforms with the new technology revolution and industrial revolution, create a benign environment for international cooperation, allow more countries and people to enjoy the fruits of technological innovation, and rely on technological progress to tackle the negative impacts of economic globalization.

Also, it is necessary to safeguard World Trade Organization rules, support an open, transparent, inclusive and non-discriminative multilateral system, build an open world economy, and give full play to free trade agreements in promoting trade and investment.

Economic globalization is the process in which countries grow increasingly interconnected and interdependent; it is an irreversible trend of history and the inevitable path of human development. China will work closely with other countries to inject new momentum into economic globalization.

The author is director of the Institute of World Economics and Politics at Chinese Academy of Social Sciences.

The author contributed this article to China Watch exclusively. The views expressed do not necessarily reflect those of China Watch.

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