A new era in globalization: China leading the way

On November 5, during the Hongqiao International Economic Forum at the China International Import Expo, Yi Xiaozhun, former deputy director-general of the WTO, also China's former vice-minister of commerce, remarked that the World Trade Organization has driven rapid economic globalization over the past 30 years. In response to complaints from some developed countries about "losses" from globalization, Yi pointed out that these countries have actually benefited from the low inflation, low costs, and high efficiency enabled by globalization under the multilateral trading system. Globalization has also provided developing countries, including China, with opportunities and growth through market openings. He believes that over the next five years, China will remain a key engine of global growth.