Common prosperity through win-win cooperation

As we all witness an unprecedented backlash against economic globalization, the world economy, challenged by the COVID-19 pandemic and undermined by bloc confrontations, unilateral sanctions, decoupling and supply disruptions, is having a difficult time recovering. The stability of global industry, supply and capital chains is being damaged, and the world faces energy, food and financial crises.

Globalization helps optimize the allocation of industrial factors globally based on United Nations regulations, fair competition and market rules for mutual benefit.

Developed countries, with their advantages in capital, technologies and talents, have won huge markets and substantial benefits from globalization. On the other hand, by accessing capital, technologies and know-how, developing countries have boosted economic growth, improved people's lives and infrastructure facilities. Developing countries have also been producing high-quality goods and services at more reasonable prices, while even larger markets have emerged for developed countries.

As a result, humankind has become a close-knit community with a shared future and shared interests, and achieved win-win cooperation for common development. By making the pie bigger, economic globalization has become an irrevocable trend and holds the key to development and prosperity for all countries. Globalization is not a favor furnished by one country to another, nor will it ever be reversed or changed.

Economic globalization empowers world growth, but it cannot solve the problem of how to share the pie. Some countries have a strong hold over capital, and the interest groups that control capital and technologies monopolize the process of distributing the benefits brought about by globalization, depriving people of their fair share of the benefits.

The rich become richer and the poor poorer. The richest 1 percent people of some countries own more wealth than the remaining 99 percent. And social fragmentation, political polarization and nationalism are on the rise and impairing globalization.

Besides, some politicians in some countries refuse to abandon their Cold War mentality and zero-sum games. They politicize, weaponize and use "camp politics" in economic cooperation, undermining global industry, supply and capital chains and threatening the lives, work and very existence of people across the world. It is clear to the eyes of every unbiased person that economic globalization is not to blame for the ills of the world. Instead, the failure of the wealth distribution system and overall governance in those countries are responsible for the ills.

For more than 40 years, China has pursued a policy of reform and opening-up, and adopted a people-centric approach in order to achieve common prosperity at home, while grasping the opportunities brought about by globalization in the international arena, remaining committed to building a community with a shared future for mankind, promoting the Belt and Road Initiative guided by the principles of extensive consultation, joint contribution and shared benefits, and working with other countries for win-win cooperation for common development.

China has developed and upholds socialism with Chinese characteristics, letting the market play a decisive role in the allocation of resources, and making sure the government fulfills its due responsibilities to ensure the benefit of all people.

The per capita disposable income of Chinese residents has increased more than 200 times over the past 40 years. China has eradicated extreme poverty and built a moderately prosperous society in all respects. No wonder a survey conducted by Harvard University for 10 consecutive years showed the Chinese people's satisfaction level with the government has been consistently above 90 percent.

Globalization, as proven by China's success, is the right choice for promoting global development and improving people's well-being. But the key to success is to ensure that the fruits of development are shared by all. China has been participating in, benefiting from and contributing to globalization.

More important, it has been striving to realize common prosperity at home while promoting globalization for win-win cooperation and common development internationally, which are Chinese solutions to globalization problems.

Despite the backlash against it, globalization remains the trend of the times. Peace, cooperation and development are common aspirations of people across the globe. There exist differences in social systems, development modes, values and ideas, but peaceful coexistence, win-win cooperation for common development are still possible if we respect each other, seek common ground while shelving differences, and engage in equal and mutually beneficial partnerships.

China will, along with other countries, work to make globalization more open, inclusive, balanced and beneficial for all, so as to build a better world.