China stands as a beacon of openness in a world increasingly turning inward, according to the latest World Openness Index released at the 7th Hongqiao International Economic Forum in Shanghai.
The index, part of the World Openness Report 2024, tracks the openness levels of 129 economies from 2008 to 2023. This year’s findings reveal a concerning global trend: the overall World Openness Index declined to 0.7542 in 2023, representing a drop of 0.12 percent from 2022, 0.38 percent from 2019, and 5.43 percent from 2008.
Despite this downward trend, China emerged as a notable exception. From 2008 to 2023, China’s openness index increased from 0.6789 to 0.7596, marking an impressive 11.89 percent rise. This growth places China among the top economies in terms of increased openness over the past 15 years.
“Various forms of unilateralism and protectionism are on the rise, global economic growth is slowing down, many economies are increasing tariffs and non-tariff measures, geopolitical risks are intensifying, and combined with shocks such as the COVID-19 pandemic,” the report stated, highlighting key factors contributing to the global decline in openness.
Zhang Yuyan, an economist and academician at the Chinese Academy of Social Sciences (CASS), noted that global trade intervention measures have surged. “The number of global trade intervention measures exceeded 4,700 from 2020 to 2023, significantly higher than the levels before 2020,” he said.
Nobel laureate economist Christopher Pissarides echoed concerns over increasing economic sanctions. “Economic sanctions are working against opening, imposing a negative impact on globalization. I hope they end soon, but I do not quite see it,” he remarked during a symposium following the report’s release.
In contrast, China’s commitment to openness and economic integration stands out. “China’s opening up is a model for mutually beneficial engagement,” said Qu Weixi, director of the Research Center for the Hongqiao International Economic Forum. “In the current complex and ever-changing international landscape, events like the China International Import Expo (CIIE) have become shining symbols of China’s commitment to opening up.”
The report also identified areas where international cooperation is growing despite anti-globalization sentiments. Digital openness, environmental and climate governance, and the service sector have seen increasing collaboration, presenting new opportunities for global economic growth.
“We hope the release of this report will spark more in-depth and widespread discussions about global openness,” Qu added. “By fostering greater consensus and collective efforts, we can contribute to the development of an open global economy.”
Reference(s):
China stands out as global openness declines, new index shows
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