Chinese Vice Premier Han Zheng on Tuesday called for more cooperation to beef up economic globalization amid rising global uncertainties and fragile growth outlooks. 

Han, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the statement when delivering a keynote speech at the ongoing World Economic Forum (WEF) taking place from January 21 through 24 in Davos, Switzerland.

Economic globalization at crossroads 

The world economy is still in the interim of profound adjustment in the wake of the global financial crisis, with economic globalization facing headwinds from both protectionism and unilateralism, Han said. 

Economic globalization is a historical trend indispensable for productivity growth and a natural result of advances in science and technology. No countries are capable of notching up sustainable development without resorting to global division of labor, said him. 

Unilateral and protectionist practices buck the trend of economic globalization and come to no good. All countries should stay true to consultation on the strength of equality and concerted efforts, he said. 

The global growth projections for 2020 and 2021 have been further lowered, as a sharp slowdown in India is creating a drag worldwide, although the U.S.-China phase one trade deal has just eased some of the uncertainty facing the world, the International Monetary Fund (IMF) said Monday. 

"What we need to do is to make the pie, or rather, global market bigger and turn economic globalization into a more inclusive one, so that worldwide people are able to enjoy the benefits brought by economic growth," according to Han.  

He noted this year marks the 75th anniversary of the founding of the United Nations, which should be taken as a golden opportunity to shore up the organization's core status in the international system. 

"Without economic globalization, economic growth will struggle," Han stressed. 

China to open wider to the world

Forty years of reform and opening-up have transformed China from a closed country to the world's second largest economy.

From 1979 to 2018, China's economy grew by an average of 9.4 percent annually, much higher than the world's average. The country has lifted more than 750 million people out of poverty, accounting for over 70 percent of the world's total. Also, remarkable efforts made in education, housing and healthcare have greatly improved people's livelihood, according to the vice premier.

"China has introduced the pre-entry national treatment plus negative list and cut the negative list for foreign investment market access to 40 in 2019. This year, the country will make the list shorter."

Han said that China will import more goods and services with competitiveness to achieve more balanced trade, instead of resorting to trade surplus. The country will continue to reduce tariffs and slash imports costs to boost trade. The holding of the China International Import Expo (CIIE) is a good example exemplifying China's commitment to opening up wider and shared prosperity.

In the manufacturing sector, China has announced that it will eliminate ownership limits on commercial vehicles by 2020, and passenger vehicles by 2022. In the financial sector, the country will scrap foreign ownership restriction on securities, futures and fund this year.

Meanwhile, the country will further improve the business environment by effectively enforcing the Foreign Investment Law and regulations on optimizing the business environment, improving the legal framework and enhancing protection from civil remedy to criminal punishment.

Chinese Vice Premier Han Zheng is attending the 2020 WEF Annual Meeting in Davos, Switzerland, and paying a visit to Switzerland from January 20 to 21, at the invitation of Klaus Schwab, founder and executive chairman of the WEF, and vice president of the Swiss Confederation Guy Parmelin.

Nearly 3,000 world leaders, chief executives, and civil society representatives from 117 countries are gathering in the Swiss mountain town of Davos and brainstorming over ways to deal with major challenges facing the world today. The topics include economic growth, wealth gap, political polarization and the climate crisis.