Wang Wen:

Thank you for having me. The organizer has set me the topic of "China's Engagement in International Economic Institutions”. I would like to make three observations on China's role in the global economic mechanism.

As we all acknowledge, China has played a positive role in world economic growth. Over the past decade, China has contributed a 30% increase to world economic growth. But I think China's role is far from just the contribution of economic growth, but also lies in China's more important contributions to the reform of the global economic system, the supply of national economic growth experience, and the continuous rescue of globalization.

Allow me to talk about them briefly.

Firstly, China is a reformer of the international economic system.

China has always criticized the unfair international economic, financial, and trading system, but it is unwilling to be a revolutionary. China is trying to reform the international economic system through peace, consultation, and cooperation. China launched the "the Belt and Road", and through cooperation with more than 150 countries, it has provided more than 50% of the world's major infrastructure construction in the past decade. The bilateral trade of countries that have "the Belt and Road" cooperation with China has increased by 6.8% annually, twice the average growth of world trade.

China has also established the Asian Infrastructure Investment Bank, signed RCEP, established over 20 free trade zones domestically, provided foreign aid loans, promoted the internationalization of the RMB, promoted cooperation of the G20 and BRICS countries, promoted low-carbon development, and made the international economic system more fair and reasonable.

Secondly, China is a provider of new experiences in economic growth.

In the past, most developing countries believed in the "Washington Consensus," but the success of China's economic growth has provided new experiences for many developing countries. For example, 'To become rich, build roads first' is a very Chinese characteristic experience. For another example, 'valuing the development of the manufacturing industry' and pursuing the unity of a promising government and an effective market are all new Chinese experiences. Many Asian and African countries are learning and even complex the Chinese model, attracting Chinese investment and utilizing Chinese experience. For example, Ethiopia is known as the "China of Africa".

Unfortunately, the experience of China's economic growth has not been fully valued in Western economics. I often say that whoever can study the new experience of China's economic growth well has the possibility of becoming the Nobel Prize in Economics.

Thirdly, China has become the savior of economic globalization.

In the past few years, the United States has launched trade war and high-tech war against China, adopting a policy of "small courtyards and high walls". During the Trump administration era, the US also withdrew from multiple international mechanisms and treaties.

In the past two years, military wars have occurred in many regions such as Ukraine and Israel, leading to food crises, refugee crises. The abuse of sanctions by the US has led to instability in the international financial system. Economic globalization has faced the biggest challenge since World War II, and some even believe that globalization is dead. But China is rescuing economic globalization.

An interesting example is that in October, China announced $106 billion in new financial loans at the Belt and Road Forum, while the US announced $106 billion in military assistance to Ukraine and Israel. China spends money to promote development and construction, while the US spends money to promote war and destruction.

In recent years, the US policy of containing China has failed, including launching trade wars and high-tech wars. Nowadays, the US has launched ideological wars, media wars, and public opinion wars against China every day, criticizing the Chinese economy and believing that China's rise has reached its peak, even thinking that China is declining.

Perhaps a lot of years later, world history textbooks will evaluate some notorious Western newspapers or journals in this way: their reports on the Chinese economy are full of absurdity and lies. They underestimated the resilience and contribution of the Chinese economy.

This is also some of the views I want to express.

Thank you again for the invitation.