China stands out as global openness declines, new index shows

The World Openness Index, which tracks the openness of 129 economies from 2008 to 2023, highlights China as one of the few bright spots in an overall global decline in openness.

The index was part of the World Openness Report 2024, which was released on Tuesday at the 7th Hongqiao International Economic Forum in Shanghai.

In 2023, the World Openness Index was 0.7542, reflecting a decline of 0.12 percent from 2022, 0.38 percent from 2019 and 5.43 percent from 2008, indicating a downward trend in global openness.

First introduced in 2021, the index is compiled by the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS), along with the Research Center for the Hongqiao International Economic Forum.

The report noted that the pace of economic globalization continued to slow last year, with the world's overall openness level "in deficit." 

"Various forms of unilateralism and protectionism are on the rise, global economic growth is slowing down, many economies are increasing tariffs and non-tariff measures, geopolitical risks are intensifying, and combined with shocks such as the COVID-19 pandemic," the report said, listing the key factors contributing to the trend.

Zhang Yuyan, an economist and academician at CASS, said that the number of global trade intervention measures exceeded 4,700 from 2020 to 2023, significantly higher than the levels before 2020.

Economic sanctions are working against opening, imposing a negative impact on globalization, said Nobel laureate economist Christopher Pissarides at a symposium after the release of the report. "I hope they end soon, but I don't quite see it," he added.

Despite these global challenges, China remains a key exception, maintaining its commitment to greater openness and economic integration with the world, the report revealed. From 2008 to 2023, the country's openness index increased from 0.6789 to 0.7596, marking an 11.89 percent rise and placing it among the world's top economies in terms of growth rate.

"China's opening up is a model for mutually beneficial engagement. In the current complex and ever-changing international landscape, events like the China International Import Expo (CIIE) have become shining symbols of China's commitment to opening up," said Qu Weixi, director of the Research Center for the Hongqiao forum.

The report also highlights key areas of global cooperation that have emerged despite growing anti-globalization sentiment. These include digital opening up, environmental and climate governance, and the service sector, all of which have seen increasing international collaboration.

These sectors present new opportunities for global economic growth, offering the potential for a more interconnected and cooperative world economy, even amid rising protectionism, according to the report.

"We hope the release of this report will spark more in-depth and widespread discussions about global openness. By fostering greater consensus and collective efforts, we can contribute to the development of an open global economy," Qu said.

(With input from Xinhua)