A sub-session of the Global Times Annual Conference 2025: Challenges and Solutions for Globalization of Economic and Trade Cooperation Photo:GT

Global economic integration is mkwidely recognized as essential in today’s world. At a sub-session of the Global Times Annual Conference 2025 held in Beijing on Saturday, guests discussed the headwinds faced by the global economy currently, highlighting the multilateral trading system as key to economic and trade cooperation and that countries should join forces to counter the resurgence of protectionism in recent years. 

The world is undergoing rapid transformations amid profound historical changes, with the global economy facing significant growth hurdles, He Zhenwei, president of the China Overseas Development Association (CODA), said at the sub-session which themed Challenges and Solutions for Globalization of Economic and Trade Cooperation.

The globalization of economic and trade cooperation has profoundly reshaped the global economic landscape. On the one hand, it has greatly promoted optimization of resource allocation, spurred global economic growth, and enhanced global production efficiency, He said.

On the other hand, globalization now faces numerous challenges. The rise of trade protectionism and the imposition of trade barriers by certain countries have disrupted the global trade order. These issues have impacted global industrial and supply chains, causing supply chain disruptions and increased costs for businesses, He noted.

To navigate such headwinds, He called for global collaboration to counter trade protectionism. It is essential to firmly uphold the multilateral trading system, as it is the foundation of global economic and trade cooperation, he stressed.

In addition, He emphasized the need to deepen regional economic cooperation. Efforts should focus on accelerating negotiations and implementation of regional trade agreements, enhancing infrastructure connectivity within the region. It is also important to enhance corporate competitiveness and sustainability, as well as strengthen information sharing and risk management, He noted.

As the world's largest trading nation in goods, China has consistently been an active participant, strong supporter, and key contributor to the multilateral trading system. Overseas guests at the forum also highlighted opportunities and achievements in collaborating with China.

Héctor Villagrán Cepeda, former minister of Transportation and Public Works of Ecuador, highlighted growing trade and investment as a sign of China-Latin America friendship.

“In 2023 alone, China invested $13.48 billion in the region, making Latin America China’s second-largest destination for foreign direct investment after Asia. This confidence underscores the trust Chinese enterprises have in Latin America’s potential for growth and development,” Cepeda said.

Likewise, Latin America views China as a key partner in industrial development and shares its global vision of prosperity and peace for all. This relationship is a foundation of growth, where mutual respect and cultural understanding drive collaboration for the greater good, he noted.

Anton Sobchenko, Chief Representative in China of VEB.RF, a Russia’s leading development institution, also shared collaborative examples with China at the forum. Established in 2014, the Intergovernmental Russian-Chinese Commission on Investment Cooperation have promoted 62 vital projects, and 21 promising projects. The value of these investments totaled $192 billion, Sobchenko introduced.

The forum also featured representatives from a range of industries who shared valuable experiences in expanding overseas, the headwinds they encountered, and their contributions to addressing global challenges. 

Lu Xintong, councilor of Beijing Energy Association, discussed the contributions of China's new energy sector to the world, as well as the promising future of the methanol economy chain and how it can further promote economic and trade development and international cooperation.

Gao Weizhong, deputy general manager of Shanghai SUS Environment’s Central China Region, shared his company’s experiences in expanding overseas and its exploration of sustainable business models. 

Gao offered direct advice, urging companies to strengthen their core competitiveness while emphasizing the importance of localization in developing overseas and promoting cultural integration. “Don’t fear that the world doesn’t understand you. Let the world see you first, and confidently tell them your Chinese stories,” he encouraged.

In the subsequent panel discussion, representatives from various industries continued to share their insights, emphasizing that while global economic and trade cooperation faces challenges, opportunities and challenges coexist. They stressed the importance of joining hands and actively exploring solutions to contribute valuable support to the development of the global economy.

Global Times