On November 5, the parallel session “Global Trade Reconstruction and WTO Reform” of the 8th Hongqiao International Economic Forum (HQF) was held in Shanghai. Vice Minister of Commerce of China Yan Dong and WTO Deputy Director-General Johanna Hill attended and addressed the event via video links. The sub-forum was hosted by the Chinese Ministry of Commerce and organized by SUIBE. Nearly 200 representatives from Chinese and foreign governments, enterprises, academia, and media attended the event.
Yan Dong stated that the Fourth Plenary Session of the 20th Communist Party of China Central Committee proposed steadily expanding institutional opening-up, upholding the multilateral trading system, expanding international circulation, promoting reform and development through opening-up, and sharing opportunities for common development with all countries. In the face of turbulence in current international trade, all countries should strengthen communication and cooperation, jointly uphold the multilateral trading system, and work together to build a more resilient and sustainable global industrial and supply chain system. China is willing to work with all parties to comprehensively and deeply engage in WTO reform and ensure that the restructuring of global trade develops in the direction of greater public good. China will continue to expand imports of high-quality products and services, inject vitality into global economic and trade growth with its super-sized market, and provide new opportunities for world development with the new achievements of Chinese modernization.
Johanna Hill noted that the multilateral trading system is nowadays confronted with severe challenges but remains resilient. The WTO plays an irreplaceable role in the global economic governance system and its members should join hands to advance reform and uphold the authority and relevance of the multilateral trading system. China’s recent announcement that it will not seek new special and differential treatment in current and future WTO negotiations demonstrates its resolve and responsibility urgently needed to advance reform.
During the symposium, participants engaged in in-depth exchanges on such issues as the impact of current trade turbulence, the opportunities and challenges of global trade restructuring, and WTO reform.
Translated by Ding Shuang