China's support important for economic globalization -- British experts

An employee works at a wheel loader assembly line of a Develon subsidiary in Yantai, east China's Shandong Province, Dec. 26, 2023. (Xinhua/Guo Xulei)

Ultimately, globalization and multilateral trade arrangements are unavoidable because they represent the sole means to fulfill people's desires for improved and secure conditions.

LONDON, March 17 (Xinhua) -- Despite the rising tide of de-globalization and protectionism, China has played an important role in advocating economic globalization and its efforts in promoting high-standard opening-up are worth noticing, several British experts told Xinhua recently.

"Trade is the source of prosperity and the source of stopping poverty," said Stephen Perry, president emeritus of Britain's 48 Group Club, during a recent interview with Xinhua.

"In the long run, globalization and multilateral forms of trade are inevitable, because they are the only way to get what people want, which is better and safer conditions," Perry said.

Martin Wolf, chief economics commentator at the London-based Financial Times, said that because of economic realities, China has to push for globalization. "It makes sense for China in every circumstance to push for an open world economy."

China-Britain Business Council Chair Sherard Cowper-Coles said China's push for globalization is a win-win story. Speaking at the "Icebreakers" 2024 Chinese New Year celebration, he noted that "China matters more than it's ever done to the United Kingdom, to post-Brexit Britain."

Cowper-Coles told Xinhua during the event that China's advocacy of economic globalization is "terribly important."

"Britain needs China, needs this market for our goods and services, needs Chinese investment, needs Chinese students," he said.

Commenting on China's recent measures to push forward its high-standard opening-up, he said that "it's a win for the Western firms that want to enter the Chinese market. It's also a win for the Chinese consumers who get more choices, more options. So it's very positive in every way."

An aerial drone photo taken on March 12, 2024 shows vehicles for export parking at Jiangyin terminal of Fuzhou Port in Fuzhou, southeast China's Fujian Province. (Xinhua/Lin Shanchuan)

Jean Christophe Iseux von Pfetten, chairman of the Institute for East-West Strategic Studies in Britain, said some good decisions are being made in China such as nurturing and strengthening the private economy, which is welcomed by China and the foreign community.

At the same time, Pfetten expressed his concern that in terms of foreign direct investment in the West, it will be much more complicated for Chinese companies.

"The United States is not benefiting from its protectionist action," Pfetten said, adding that the so-called de-risking and de-coupling are "totally wrong."

Keith Bennett, an international relations consultant in London, told Xinhua that although there is a lot of talk about protectionism and restrictions on trade, and there are some measures in that direction, "the main trend is very much towards globalization."

"What's important is that China puts forward an inclusive and fair globalization," he said.

"China is giving a constructive lead on that to make it fair and equitable for all," said Bennett, adding that he thinks "the overwhelming majority of countries in the world support China's initiatives on this."

"And it's gaining more and more understanding in some countries. Even if there is some pushback or hesitancy from the government, it's very much supported by the business community who don't want any political issues to interfere with trade and business," he said.

"China is the only country so far as I know that organizes expos and conferences to encourage people to export to the Chinese market and to bring their high-quality, niche and specialized products to China," Bennett said.