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Exploring geopolitical factors in global economics

Author  :  LIN YUEQIN and GUO QINGBIN     Source  :    Chinese Social Sciences Today     2019-12-31

HAIKOU—In order to promote the construction of geopolitical economics with Chinese characteristics, the 5th Geopolitical Economics Forum was held in Haikou, Hainan Province, on Dec. 14.

Tong Jiadong, a professor from the School of Economics at Nankai University, explained the Belt and Road (B&R) initiative according to the principles of economics and put forward its difference from European integration with an emphasis on interconnection, expanding trade channels and breaking down hegemonism.

Kevin Zhang, a professor at Illinois State University in the US, reported in his article on the dollar hegemony and American trade deficit that the dollar’s global status has been the economic and financial basis for the dollar hegemony, which has triggered or deepened negative influences, such as the financial crisis and stock market fluctuations, on other economies.

Tang Yihong, a professor from the School of International Trade and Economics at the Central University of Finance and Economics, discussed how to construct the system of Chinese foreign trade policy under an open world economy. It would involve a system coordinating economic exchange and trade policies among China and other countries along the B&R route, along with the adjustment and improvement of the Chinese foreign trade policy system with the target of an open world economy.

Xu Xiujun, a research fellow from the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, said that economic globalization has brought historic opportunities for growing wealth and welfare but also provided a breeding ground for unfair wealth distribution and income inequality. Analyzing the underlying reason behind current anti-globalization policies, Xu noted that despite the increasing links and interactions between countries and the market at the international level in the globalization process, the contradiction between the two’s inherent characteristics, orientations and functions is also increasingly prominent under the current international political and economic system.

Ke Yinbin, a senior research fellow from the Center for Global Interconnectivity Studies at Peking University, put forward that Chinese companies should conduct positive public diplomacy in the joint construction of the B&R with the objective of building a global business community of shared interests, values and responsibilities. Furthermore, they should formulate and implement a stakeholder-based collaboration strategy

Editor: Yu Hui

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