Editor's note: Liu Chunsheng is an associate professor at the Beijing-based Central University of Finance and Economics. The article reflects the author's opinions and not necessarily those of CGTN.

On September 21, Chinese President Xi Jinping attended the General Debate of the 76th Session of the United Nation General Assembly via video link and delivered an important speech titled "Bolstering Confidence and Jointly Overcoming Difficulties to Build a Better World."

Xi's speech is of great significance at the moment when human beings are once again at the crossroads of history. The world has been braving COVID-19 since the beginning of 2020. People's lives, health and economic and social development have undergone major challenges due to the disease. According to data from the World Health Organization, the world had registered over 228 million confirmed COVID-19 cases and over 4.6 million related deaths as of September 21.

The pandemic has plunged the global economy into a serious recession, particularly impacting developing countries. The impact of the pandemic and economic stagnation may take several years to fade. International trade and investment have slipped into decline, while global production networks and supply chains have been experiencing turbulence. As for the least-developed countries, the pandemic has manifested as a humanitarian crisis.

In these times, protectionism, unilateralism and political bullying have increased in some economies, and globalization has been facing retrogression. At the same time, a series of deeper structural contradictions plague the world economy. Traditional economies are facing many difficulties in transforming and upgrading. The growth of emerging industries is slow, science and technology need new breakthroughs, and the new growth drivers have not yet fully replaced the old ones.

Moreover, adherence to rules, order and coordination in the international economic arena have eroded. Therefore, the new global economic crisis is fueled by the superposition of several factors, including COVID-19, de-globalization and the anomie of the international economic order which tests the governance ability of different nations and economies as well as the wisdom of leaders from all regions.

Whether we choose unity, cooperation and scientific epidemic prevention will greatly affect the process and final results of the fight against COVID-19 and its destructive economic consequences.

The road to the future lies under the feet of human beings. The development of the world lies in people's choice. Xi's speech reiterated China's plan for the future of the world, namely the pluralistic, inclusive new development model and the notion of building a community of shared future for mankind. It pointed out the objective laws of interdependence and close connection of all countries in the world, and conformed to the trend of peace and development as well as win-win cooperation. The benefits of economic globalization should not be enjoyed only by some countries, but by all countries in the world.

Actions always speak louder than words. By the end of June, China had provided 300 billion masks, 3.7 billion protective clothing, 4.8 billion test kits and more than 600 million doses of vaccines to the world. What's more, Xi has promised that China will donate $100 million to COVAX as well as 100 million doses of vaccines to other developing countries during the course of this year.

China practices its own words of shared future for mankind by committing to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060 while making accelerated efforts to boost the development of new energy and improve the industry and energy structures. In particular, the announcement that "no new overseas coal-fired power projects will be built" is another major initiative taken by China to deal with global climate change.

China's economic growth and robust foreign trade will provide a strong stimulus for global economic recovery. In 2020, China was the only major economy to post positive growth. According to the latest OECD forecast, China's GDP will rise by 8.5 percent in 2021. With mutual respect and a win-win mindset, China is opening its arms to welcome the rest of the world to enjoy its fruits of economic growth and social development.

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