The international webinar sheds light on world economic recovery amid the COVID-19 pandemic. Photo: Yang Chonghai/CSST

Global cooperation and collaboration is the key to world economic recovery, according to experts at an international webinar organized by the Chinese Academy of Social Sciences (CASS) and China Daily in late July.

Under the theme “Stronger Together: Global Recovery from COVID-19,” leaders of important think tanks and well-known experts and scholars from China, Russia, Italy, Japan, Saudi Arabia, Pakistan and other countries exchanged ideas on the way forward for global economic recovery, international cooperation and macroeconomic coordination to fight against the pandemic and on global economic governance system in the post-pandemic era.

The novel coronavirus knows no borders and is the common enemy of all mankind, said CASS President Xie Fuzhan. This pandemic has made us deeply aware that humanity is a community of shared future in which we are closely connected with each other. The international community’s anti-pandemic practice has shown that scapegoating and shirking responsibility cannot contain the spread of the pandemic, nor can it save lives. Solidarity and cooperation are the most powerful weapons to defeat the pandemic as it continues to spread globally.

At present, more than ever, the international community needs to strengthen economic policy coordination and take effective action, Xie continued. Some countries have abused national security reviews to interfere with normal economic, trade and investment cooperation, and used the pandemic as an excuse to adopt various protectionist measures, a practice which does not at all enjoy popular support.

Historical experience has shown that self-isolation cannot solve problems nor achieve selfdevelopment, Xie noted. In today’s world where global supply chains, industrial chains and value chains are closely linked, only open and shared markets can cope with common challenges and create greater opportunities and space for development.

China is an important force supporting international anti-pandemic cooperation and boosting the world economy, Xie said. In terms of epidemic prevention and control, China has adopted the most comprehensive, strict and thorough prevention and control measures in accordance with the law to successfully contain the spread of the epidemic domestically. China has always been open, transparent and responsible about sharing information and experience concerning epidemic prevention and control with the international community in a timely manner. In terms of economic and social development, China has stuck to the basic tone of seeking progress while maintaining stability, and it has introduced a more proactive fiscal policy, a more flexible and appropriate monetary policy, and a more comprehensive and strengthened policy prioritizing employment. In terms of economic, trade and investment cooperation, China has unswervingly expanded its high-level opening up to the outside world and actively promoted trade and investment liberalization and facilitation.

At present, China’s economy is gradually recovering and showing resilience, said CASS Member Yu Yongding. Experience has shown that no matter what difficulty it faces, China will eventually overcome it. He held that China will make more contributions to world economic growth in the future.

Zhou Shuchun, editor-in-chief of China Daily, said that China will make new contributions to stabilizing the world economy while rebalancing, upgrading and advancing the process of globalization.

He suggested strengthening cooperation and planning for world development in the post-pandemic era with an open, cooperative and mutually beneficial mindset.

While each country has its own perspective and position, we should identify the major global concerns facing mankind, said Shamshad Akhtar, former United Nations under-secretary-general. Countries have different views on many issues. The most important thing is how to resolve differences through international cooperation. Only when countries stand in solidarity will they form a force with the power to curb the spread of the pandemic and find a way out for the world.

Alexander Lomanov, deputy director of the Primakov Institute of World Economy and International Relations at the Russian Academy of Sciences, said that the COVID-19 pandemic and the global economic recession remind us that the global governance mechanism needs to be improved urgently. At present, countries lack mutual trust, and coordinated measures are progressing too slowly. All countries must jointly adopt quick and flexible measures.

The current top priority of the international community is to strengthen cooperation so as to effectively respond to the COVID-19 pandemic, said Masahiro Kawai, director general of the Economic Research Institute for Northeast Asia. Countries must fortify the development of vaccines and antiviral drugs accessible to all.