The World Openness Index has highlighted a significant global decline in economic openness from 2008 to 2023, with China emerging as one of the few bright spots in this trend.
Released as part of the World Openness Report 2024 at the 7th Hongqiao International Economic Forum in Shanghai, the index assesses the openness of 129 economies. In 2023, the global openness index stood at 0.7542, marking a decrease of 0.12 percent from 2022, 0.38 percent from 2019, and 5.43 percent from 2008.
Compiled by the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS) alongside the Research Center for the Hongqiao International Economic Forum, the report attributes the decline to rising unilateralism, protectionism, slowing economic growth, increased tariffs, and geopolitical risks exacerbated by the COVID-19 pandemic.
Zhang Yuyan, an economist and academician at CASS, noted that global trade intervention measures surpassed 4,700 from 2020 to 2023, a significant increase compared to pre-2020 levels. Nobel laureate economist Christopher Pissarides added that economic sanctions are detrimental to globalization, expressing hope for their reduction.
Despite these challenges, China has maintained its commitment to openness and economic integration. From 2008 to 2023, China's openness index rose from 0.6789 to 0.7596, an 11.89 percent increase, positioning it among the top economies in growth rate. Qu Weixi, director of the Research Center for the Hongqiao forum, emphasized that events like the China International Import Expo (CIIE) symbolize China’s dedication to mutually beneficial engagement.
The report also identifies key areas for global cooperation, including digital openness, environmental and climate governance, and the service sector. These sectors offer new avenues for international collaboration and economic growth, presenting opportunities for a more interconnected world economy even amidst rising protectionism.
Qu Weixi concluded, \"We hope the release of this report will spark more in-depth and widespread discussions about global openness. By fostering greater consensus and collective efforts, we can contribute to the development of an open global economy.\"
Reference(s):
China stands out as global openness declines, new index shows
cgtn.com
