Beijing,  20 December 2021: A hybrid webinar for Open Global Economy - Global Strategic Dialogues was co-organized by the Chinese Academy of Social Sciences (CASS) and China Daily, hosted by the Institute of World Economics and Politics (IWEP), CASS, and the National Institute for Global Strategy on 20 December 2021

Prof Xie Fuzhan, the President of CASS, and Mr Zhou Shuchan, Publisher and Editor-in-Chief of China Daily gave the opening remarks highlighting the global challenges such as the COVID-19 pandemic, climate change, social inequality, digital technology, as well as the crisis of global institutions emphasising the need for reforms of multilateral institutions.

The dialogue was organised in two sessions. The first panel on ‘Global Recovery from the COVID-19’, chaired by Prof Zhang Yuyan, Director of IWEP and member of ERIA’s Academic Advisory Council, four international experts Messrs Nataliya Innova (Russia), Naoyuki Yoshino (Japan), Chandran Nair (Malaysia) and Yu Yongding (China) discussed the strategies for revitalizing the global economy through trade, investment, and the resilience of global value chains. Viewpoints were shared on the consequence of international trade and globalisation in the context of pandemic recovery. Both economic recovery and global investment are constrained by budgetary shortfalls as a result of reduced tariffs and taxes, and a general decline in economic activity — leading, in many countries, to recessions, threats to social safety nets, and to increased precariousness of income, employment, and food security.  Looking ahead, there will be a great need to further liberalise rules on trade to encourage inclusive economic recovery the panel concluded.

The second panel discussion on ‘Climate Change in the New Era’ was moderated by Prof Zhang Yongsheng (CASS). ERIA’s Dr Venkatachalam Anbumozhi joined a panel of experts including Mr Amara Bhattacharya (Brookings), Mr Jean Pisani Ferry (Bruegel) and Mr Pan Jiahua (CASS) in discussing the outcome of COP 26 and how to achieve carbon peak and carbon neutrality goals through global governance and cooperation in the new era. COP 26 delivered increased promises in terms of each county’s nationally determined contributions (NDCs), the plans each country makes to reduce national emissions and adapt to the impacts of climate change.

The panel agreed that post-pandemic economic recovery based on green principles is a challenge but also presents an opportunity. All over the world, public-sector investment is underway on a vast scale to restimulate the economy. This is creating an opportunity to accelerate the transition to sustainable future and social-economic structures – a double dividend. Expanding the availability of green finance through targeted international cooperation approaches, for example with a taxonomy for green bonds and appropriate level of carbon pricing, are important priorities for the global economy, the panel concluded.

The Global Strategic Dialogue series, focusing on global governance-related issues, was conceived in 2014 as an annual event to discuss the needs and perspectives of academia, policymakers and media, said Mr Wang Hao, Deputy Editor-in-Chief of China Daily.

Photo credit: China Daily