A time to reshape global trade practices

The novel coronavirus has been largely contained in China and the focus is now shifting from preventing the spread of domestic infection sources to preventing the importing of infections from outside.

As the fight against the epidemic has gone global, China should help affected countries while eyeing future cooperation opportunities. Helping other countries is also helping China itself.

Another important test for China is how to use this opportunity to attract more foreign investment. The sharp drop in oil prices, from more than $60 a barrel to less than $30 a barrel in less than three months, offers us a good chance to increase oil and gas reserves and reduce enterprises' costs. China should also extend the excess capacity of its medical supplies to friendly countries participating in the Belt and Road Initiative.

In recent years, globalization has encountered the roadblock of unilateralism. However, unilateralism is unpopular with most countries, and the global outbreak of the novel coronavirus has posed a severe challenge to countries' emergency response capabilities, highlighting the greater need for multilateralism and international cooperation.

China has succeeded in controlling the epidemic at home, but it alone cannot do much to deal with a global outbreak. Therefore, the opportunity presented by this epidemic should be used to reshape the global trade pattern.

LI TIE, CHIEF ECONOMIST WITH CHINA CENTER FOR URBAN DEVELOPMENT