Global economic shifting takes center stage at Oxford forum
chinadaily.com.cn | Updated: 2026-03-13 23:49
The 13th Oxford China Forum was held at Saïd Business School, University of Oxford earlier this week, bringing together leading scholars, industry experts, and students to discuss structural shifts in the global economy and their implications for international governance.
This year's featured panel, titled "Eclipsing the West," examined the shifting balance of global economic power.
The session featured a keynote address by Vince Cable, the former British secretary of state for business, innovation and skills and president of the Board of Trade, who was also leader of the Liberal Democrats from 2017 to 2019. The keynote was followed by an interview with Nianzu Xiong, departmental lecturer in economics at the University of Oxford.
In his address, Cable outlined what he described as a long-term rebalancing of global economic weight. Western economies accounted for around 60 percent of world output at the end of the Cold War, he noted, but now represent closer to 40 percent. Over the same period, emerging markets and developing economies have expanded markedly, with China and India assuming an increasingly central role. By some benchmarks, China's economy is now comparable to, or even larger than, that of the United States, and on current trends it could become the largest global economy by the mid-point of the century, followed by India.
He also discussed key aspects of China's development, highlighting its extensive manufacturing base and integrated industrial ecosystem, as well as advances in renewable energy, telecommunications and infrastructure. He noted that China continues to adapt its growth model amid changing domestic and global conditions.
The discussion extended to the broader international environment. Referring to debates over relations between rising and established powers, Cable introduced the concept of the so-called Kindleberger Trap, which concerns the provision of international public goods. Effective global governance, he argued, requires multilateral institutions that better reflect contemporary economic realities, including enhanced representation for major emerging economies in the United Nations and international financial institutions.
In the subsequent exchange, Xiong raised questions on recent UK–China engagement, including Prime Minister Keir Starmer's visit to China, as well as US tariff policy and the development of artificial intelligence, or AI. Cable expressed support for continued dialogue between the UK and China and reaffirmed his longstanding support for free trade, arguing that protectionist measures are unlikely to deliver sustained economic benefits. On AI, he said the technology is expected to have broadly positive economic effects overall, while underscoring the need for appropriate governance and ethical safeguards. He also welcomed the contribution of Chinese students to British universities.
In addition to the keynote session, the Forum convened four other panels across the day. Discussions examined the relationship between AI and education and industry, the place of literature in the era of AI, questions of feminism and popular culture, and broader reflections on global development and South-South cooperation. Participating institutions included the Oxford AI Competency Centre and the Beijing-based Center for China and Globalization, while leading scholars, professionals, authors and artists also joined the discussions.
Established in 2013, the Oxford China Forum is a student-led academic organization at the University of Oxford. Over the past decade, it has hosted more than 300 speakers, including former UN Secretary-General Ban Ki-moon, former Australian prime minister Kevin Rudd, former British ambassador to China Sebastian Wood, Dean of the School of Public Policy and Management at Tsinghua University Xue Lan, Director of the China Institute at Fudan University Zhang Weiwei, and former ByteDance executive Lin Chufang. Past forums have been livestreamed globally on platforms including Sohu, Douyin and Phoenix News, attracting a cumulative audience of over 10 million viewers.
