At an afternoon session on Tuesday entitled "Globalization: The Next Phase", panelists from China joined officials from the World Trade Organization to discuss the challenges facing globalization. Meanwhile, experts also discussed President Xi Jinping's remarks concerning China's opening-up policy.

ROBERT KOOPMAN CHIEF ECONOMIST, WTO "China's gonna open up and reduce tariffs on automobiles, that could be a very positive thing. If they're going to open up in investment and into insurance and financial markets, it could be very positive given (what's happening) in the United States and in particular to other TWO members."

QIAN KEMING CHINA'S VICE MINISTER OF COMMERCE "On the trade frictions between China and the US, we don't want a trade war, we want to sit down and talk about it. But we are not afraid of, and we are prepared for a trade war. China will not only protect the benefits of its people, but, more importantly, we are safeguarding the multilateral trade mechanism. China's trade friction with the US also represents the conflict between free trade and protectionism, and between unilateralism and multilateralism. We're fully prepared, and we will not flinch even a little."

YI XIAOZHUN DEPUTY DIRECTOR-GENERAL, WTO "We're very encouraged by the pronouncement by President Xi to open up. I think in WTO we consider it as unilateral liberalization, because it shows that China decides to move beyond its WTO commitment. When we see trade tensions between our members, even the largest players, we hope they will resolve their problem within the framework of multilateral rules."

ZHANG YANSHENG, SENIOR RESEARCH FELLOW ACADEMIC COMMITTEE, CHINA'S NATIONAL DEV'T & REFORM COMMISSION "Anti-globalization and protectionism could push us into recessions similar to the 1920s and 70s. As President Xi said this morning, the risk of instability and uncertainty would rise, and this would harm everyone in the world. We live in an interdependent global village, I hope we can push forward the opening of the world and the development of globalization, and fight against protectionism."