The path towards greater economic globalization is encountering headwinds in the face of the ongoing COVID-19 pandemic and geopolitical conflicts, according to the World Openness Report 2022 jointly released by two Chinese think tanks.

In the report, researchers focused on features of global openness, including an analysis of World Trade Organization reforms, global economic governance and regional trade agreements.

It also summarizes China's achievements in opening up the country in the past decade, the role of the China International Import Expo (CIIE) as a platform for promoting high-level opening-up, and China's role and contribution to global cooperation.

The World Openness Index edged down marginally to 0.74 in 2020 from the previous year, and was lower by 4.1 percent compared with 2008. The index gauged the openness of 129 economies based on criteria including their economic, cultural and social openness.

According to the index in 2020, Singapore, Germany and China's Hong Kong Special Administrative Region were the three most open economies.

Researchers also advocated seeking peace through openness and inclusiveness, promoting security through win-win cooperation, and jointly creating a globalized future from the perspective of human destiny and common development.

The report, launched during the fifth CIIE that is ongoing in Shanghai, was jointly compiled by the Institute of World Economics and Politics under the Chinese Academy of Social Sciences and the Research Center for Hongqiao International Economic Forum.