Gathering synergy for a new type of global economy: expert

Solidarity and cooperation are the only way to prevail over the COVID-19 pandemic, Xie Fuzhan, president of the Chinese Academy of Social Sciences, said at the Global Think Tank Webinar.

The webinar was held on Wednesday night under the topic "Stronger together: Global recovery from COVID-19", looking at the challenges brought by the COVID-19 outbreak and ways of reviving world economy amid the crisis.

"Opening-up and cooperation are necessary to reboot the world economy," Xie said. "The impact of the pandemic has accelerated the accumulation of risks and exposed them, plunging the world economy into most severe recession since the Great Depression in the 1930s. Today, like never before, the international community needs more synergy in making economic policies and taking stronger action to fight back the pandemic."

"In a world where all countries are closely connected by the global industrial, supply and value chains, only by opening-up and sharing the market can we cope with the challenge and create greater development opportunities," Xie said.

Xie added China is a major force in promoting global anti-epidemic cooperation and fueling the recovery of the world economy, as China has largely controlled the epidemic at home, with production and businesses going back to normalcy, the national economy recovering, and foreign trade and investment stabilizing with government's effective measures and policies.

The event was co-hosted by the Chinese Academy of Social Sciences and China Daily in Beijing. It comes as the world faces major economic challenges due to the coronavirus pandemic.