The president of China and the Center for Globalization said on Tuesday that countries should form more economic alliances than security and defense because it could make the world “more dangerous”.
In doing so, it also avoids a transition to deglobalization that could impede economic development around the world. For example, the United States could consider joining, or “rejoining,” the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP), Henry Wang said at his SALT iConnections conference in Singapore. .
“The United States is the atmosphere globalization and [has] We have always led globalization,” Wang said.
“It was disappointing to see the United States withdraw.” [Trans-Pacific Partnership, which] …set higher standards for global trade, including the digital economy, while also liberalizing trade and promoting investment. ”
Wang added that there should be more economic alliances and fewer security alliances such as AUKUS, Five Eyes and the unofficial strategic alliance Quadripolar Security Dialogue.
The Comprehensive and Progressive Agreement for the Trans-Pacific Partnership is a multilateral trade agreement signed in 2018 after the United States, under the Trump administration, withdrew from the Trans-Pacific Partnership.
Claudio Reyes | Afp | Getty Images
“I hope the United States has now settled this midterm election,” Wang said. and that will make America even more dangerous.”
The CPTPP, formerly known as the TPP, was part of the US economic and strategic pivot to Asia.
Former President Donald Trump withdrew the United States from US trade deals in 2017.
The TPP later evolved into the CPTPP after other members of the agreement strengthened it. It is now one of the world’s largest trading blocs, attracting applicants from China and beyond.
The US has shown no intention of rejoining the CPTPP. Instead, it launched its own non-trade relationship network with the Asia-Pacific, the Indo-Pacific Economic Framework.
Echoing Wang’s assertion, Nicholas Aguzin, CEO of Hong Kong Stock Exchange HKEX, said on the same panel that globalization of trade would bring many benefits, including bringing East and West closer together. said to have created
“What that meant was that prices around the world were kept very low in many areas. It was productive,” he said, adding that deglobalization was a big deal given the complex interconnection of global supply chains. He added that he did not expect it to become a reality.
Aguzin said tensions were inevitable in this period of globalization as new powers emerged.
“Asia as a region will account for about half of world output in the next decade. There’s a big shift in influence, from west to east,” he said.
“Olympic style” competition
Therefore, an economic alliance and healthy “Olympic-style” competition between the United States and China would be better than confrontation, Wang added.
Wang said a memo at a meeting of the Chinese Communist Party in Beijing showed that Chinese policymakers were keen on “opening up”, saying that this meant that Beijing was still embracing trade and multilateralism. This suggests that they have a desire to promote
According to Wang, the appointment of new ministers from developed regions of China such as Guangdong and Jiangsu signals that Beijing is eyeing more development and investment from private companies and multinationals. suggesting.
