China needs to strongly participate in the reconstruction of its governance system. Nobel laureate in economics: globalization faces new risks
"Globalization allows countries around the world to produce more products in less time, driving global economic benefits, and the Shanghai Free Trade Zone plays an important role in it." At the 10th anniversary theme forum of the construction of the China Pilot Free Trade Zone held on September 20, Christopher Pisarides, a 2010 Nobel laureate in economics, said, "While benefiting the world, globalization also faces new challenges."
Pizarides said that the development of globalization was initially driven by multinational corporations pursuing lower labor costs in various countries, but today, globalization is mainly driven by technology. Therefore, the benefits that developing countries gain from openness are far inferior to those of developed countries that have mastered cutting-edge technologies such as digital technology and artificial intelligence, and inequality is increasing.
He believes that the current global governance system urgently needs a comprehensive and holistic examination and restructuring, and China should bear important responsibilities in it. "Since opening up to the outside world, China has been at the center of globalization growth, and is no longer mainly focused on exporting labor-intensive products. After 2010, technology has also developed by leaps and bounds, comparable to the United States. Therefore, China has the ability and responsibility to participate in rule making as a strong negotiator and negotiator in promoting the reconstruction of globalization, allowing globalization to be evenly distributed and reducing the new risks of globalization."