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Economic globalization tends to be slowing down, experts have said at an economic forum, citing periodical and structural reasons.
"The rate of globalization has slowed down as the enormous productive advantage of international division of labor brought by the last round of technological revolution was something of a spent force," said Pei Changhong, head of the Institute of Economics of the Chinese Academy of Social Sciences.
Global trade growth has remained under 3 percent for four consecutive years; cross-border direct investment has failed to recover to the level before the international financial crisis; and the advantages of worldwide technological developments are weakening, according to Pei.
Although a major driving force of economic growth in recent decades, globalization lacks inclusiveness, which has resulted in the uneven distribution of resources in recent years.
Echoing Pei, Zhao Jinping, from the State Council's Development Research Center, said globalization is changing in form and significance, but is still developing and being driven by new forces such as the Trans-Pacific Partnership, a mega trade proposal.
The Bank of China's chief economist Cao Yuanzheng highlighted "inclusive development" as globalization's next phase, suggesting a bigger role for developing countries.
China's Belt and Road Initiative was cited as a case in point, as it pushes forward inclusive development and provides a new framework of international cooperation, while contributing to global economic integration.
(APD/XH FINANCE)
