In a recent discussion, Lawrence H. Summers, former U.S. Treasury Secretary, emphasized the critical importance of economic cooperation between the United States and China for global prosperity. Speaking ahead of the sixth China International Import Expo (CIIE) held in Shanghai from November 5 to 10, Summers highlighted that the fates of the two largest economies are deeply intertwined.
“What happens in the United States, what happens in China, and what happens in their interactions, especially in the economic sphere, are as important for the future of the world as any other developments that are going to play out over the next several years,” Summers stated.
He expressed optimism about scenarios where both economies flourish, benefiting not only their respective countries but also contributing to global stability and growth. However, he cautioned against the potential risks of mutual economic difficulties leading to conflict and diminished human achievement.
“I find it difficult to imagine scenarios in which the United States succeeds, China does not, and the world works out well, or to imagine scenarios in which China succeeds, the United States does not, and the world works out well,” Summers explained. “That means that the United States and China are engaged in what mathematicians would call a positive-sum game.”
Summers’ remarks come at a time when the U.S. has sent its highest-level delegation ever to participate in the CIIE, signaling a possible thaw in bilateral relations amid global economic uncertainties. Analysts view this engagement as a positive sign for U.S.-China relations and a beacon of hope for international cooperation.
The mutual dependence of the two economies underscores the necessity for collaborative efforts to address global challenges. As Summers suggested, both nations need to be “rowing in unison” to navigate the complexities of the modern world and to ensure a prosperous future for all.
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U.S. and China need to be 'rowing in unison' in same lifeboat
cgtn.com
