LINE

Text:AAAPrint
Economy

Globalization less productive: experts

1
2016-08-21 10:14Xinhua Editor: Xu Shanshan

Economic globalization tends to be slowing down, experts have said at an economic forum, citing periodical and structural reasons.

"The rate of globalization has slowed down as the enormous productive advantage of international division of labor brought by the last round of technological revolution was something of a spent force," said Pei Changhong, head of the Institute of Economics of the Chinese Academy of Social Sciences.

Global trade growth has remained under 3 percent for four consecutive years; cross-border direct investment has failed to recover to the level before the international financial crisis; and the advantages of worldwide technological developments are weakening, according to Pei.

Although a major driving force of economic growth in recent decades, globalization lacks inclusiveness, which has resulted in the uneven distribution of resources in recent years.

Echoing Pei, Zhao Jinping, from the State Council's Development Research Center, said globalization is changing in form and significance, but is still developing and being driven by new forces such as the Trans-Pacific Partnership, a mega trade proposal.

The Bank of China's chief economist Cao Yuanzheng highlighted "inclusive development" as globalization's next phase, suggesting a bigger role for developing countries.

China's Belt and Road Initiative was cited as a case in point, as it pushes forward inclusive development and provides a new framework of international cooperation, while contributing to global economic integration.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.