◇ Adhere to the basic principle of focusing on ourselves, serving us and making contributions, and earnestly enhance the ability to promote international macroeconomic policy coordination.
◇Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has made systematic plans for China’s participation in and promotion of international macroeconomic policy coordination.
◇On the new journey, we should accurately grasp the basic principles of promoting international macroeconomic policy coordination, maintain strategic strength, actively respond, promote the formation of a win-win cooperation pattern in which countries’ growth promotes each other and complements each other, advocate international multilateral development cooperation, and make continuous efforts to promote better development of the world economy.
Text | Wang Derong
On May 24th, the Supreme Leader of president was invited to attend the opening ceremony of the Second Eurasian Economic Forum Plenary Session of the Eurasian Economic Union by video and delivered a speech.
Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has complied with the general trend of world economic development, grasped the profound and complicated changes that China’s development environment is facing in the new stage of development, and emphasized that China should actively participate in international macroeconomic policy coordination and promote countries to strengthen international macroeconomic policy coordination. Report to the 20th CPC National Congress of the Party first proposed "promoting international macroeconomic policy coordination".
On the new journey, we should follow the strategic plan of the CPC Central Committee with the Supreme Leader as the core, adhere to the basic principle of focusing on ourselves, serving us and making contributions, and earnestly enhance our ability to promote international macroeconomic policy coordination.
Give priority to me? Shaping mechanism
At present, we need to adhere to the principle of taking ourselves as the main factor and actively shape China’s mechanism to promote the coordination of international macroeconomic policies.
— — Accurately grasp the changes in the international and domestic situation, and actively participate in and promote the coordination of international macroeconomic policies.
From an international perspective, the world today is experiencing a great change that has never happened in a century. This is a major strategic judgment made by the Supreme Leader General Secretary in scientifically analyzing the world situation and grasping the general trend of world development. He pointed out: "This change is not limited to one event, one country and one territory, but a profound and broad change of the times."
Nowadays, the world economic development is in a period of profound adjustment, and the operational risks and uncertainties are rising significantly, which is an important feature of the great changes in the world. The concrete manifestations are: the overall motivation of the world economy is insufficient, the effective demand is sluggish, protectionism and unilateralism are on the rise, economic globalization has encountered twists and turns, multilateralism and free trade systems have been hit, trade and investment disputes have intensified, the global industrial structure and financial stability have been hit, the risks and uncertainties in the operation of the world economy have risen significantly, and international investment confidence is insufficient.
The COVID-19 epidemic raged all over the world, which had a profound impact on the world economy. The global industrial chain and supply chain were hit, and the problems such as the North-South gap, recovery and differentiation, development fault and technology gap became more prominent. Unilateralism, protectionism and bullying are on the rise, economic globalization is facing a countercurrent, and the risks and uncertainties facing the world economy are intensifying. Therefore, it is very necessary to strengthen the coordination of international macroeconomic policies.
Domestically, China’s economy has shifted from a high-speed growth stage to a high-quality development stage. High-quality development is a development that can well meet the people’s growing needs for a better life, a development that embodies the new development concept, a development in which innovation becomes the first driving force, coordination becomes an endogenous feature, green becomes a universal form, openness becomes the only way, and sharing becomes the fundamental purpose.
Report to the 20th CPC National Congress of the Communist Party of China put forward: "High-quality development is the primary task of building a socialist modern country in an all-round way", and stressed the need to "promote the effective improvement of the quality and reasonable growth of the economy". This fully embodies our party’s firm determination to promote high-quality development.
To promote high-quality development in the new journey, we need to focus on building a new development pattern with the domestic big cycle as the main body and the domestic and international double cycles promoting each other. We are required to adhere to the domestic and international double cycles of open cooperation, and interact more closely with the world economy on the basis of strengthening open cooperation to improve the efficiency and level of the domestic big cycle.
Therefore, on the basis of exerting the potential of domestic demand, we should better connect the domestic market with the international market, make better use of the domestic and international markets and resources, and better promote the common development of China’s economy and the world economy. At the same time, it also requires us to actively participate in and promote international macroeconomic policy coordination, firmly defend China’s sovereignty, security and development interests, improve our ability to cope with complex changes, and create a good external environment for China to achieve high-quality development.
— — Strengthen the top-level design of participating in and promoting international macroeconomic policy coordination.
Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has made systematic plans for China’s participation in and promotion of international macroeconomic policy coordination. On November 12, 2013, the Central Committee of the Communist Party of China’s Decision on Several Major Issues of Comprehensively Deepening Reform adopted by the Third Plenary Session of the 18th CPC Central Committee proposed that "a mechanism should be formed to coordinate international macroeconomic policies and improve the international economic governance structure". On October 31, 2019, the Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning Upholding and Perfecting the Socialism with Chinese characteristics System and Promoting the Modernization of the National Governance System and Governance Capacity adopted by the Fourth Plenary Session of the 19th CPC Central Committee emphasized the need to "promote the establishment of an international macroeconomic policy coordination mechanism". On October 29th, 2020, the Fifth Plenary Session of the 19th CPC Central Committee adopted "the Central Committee of the Communist Party of China’s Proposal on Formulating the 14th Five-year Plan for National Economic and Social Development and the Long-term Target in 2035", which further proposed "strengthening the coordination of international macroeconomic policies, doing a good job in cross-cycle policy design, improving the ability of countercyclical adjustment, and promoting the balance of economic aggregate, structural optimization and internal and external balance".
In addition, the Opinions on Building a New Open Economy System issued by the CPC Central Committee and the State Council on May 5, 2015 clearly defined "participating in the mechanism of international macroeconomic policy coordination and promoting the continuous improvement of the international economic governance structure" as the overall requirement for building a new open economy system. In 2018, the CPC Central Committee and the State Council issued the Opinions on Forming a Mechanism to Participate in International Macroeconomic Policy Coordination and Promoting the Improvement of International Economic Governance Structure, which made comprehensive arrangements for China’s participation in the international macroeconomic policy coordination mechanism. Report to the 20th CPC National Congress of the Communist Party of China clearly pointed out: "China adheres to the correct direction of economic globalization, promotes trade and investment liberalization and facilitation, promotes bilateral, regional and multilateral cooperation, promotes international macroeconomic policy coordination, jointly creates an international environment conducive to development, and jointly cultivates new kinetic energy for global development", which points out the direction for China to better participate in and promote international macroeconomic policy coordination on the new journey.
— — Strengthen system construction and improve the coordination mechanism of domestic macroeconomic policies.
Good domestic macroeconomic policy coordination is the basic condition for international macroeconomic policy coordination, and it is also an important prerequisite for firmly grasping the initiative to participate in international macroeconomic policy coordination. We must establish a scientific and efficient decision-making mechanism, improve a more clear and effective system of division of labor and cooperation, make good use of policy tools such as fiscal, monetary and structural reforms, give full play to the strengths of the government, enterprises, industry associations and other parties, and gradually form a stable mechanism for China’s participation in international macroeconomic policy coordination, so as to fully demonstrate the political advantages of the party’s leadership and China’s socialist system, fully mobilize all social forces, and constantly stimulate the endogenous motivation and vitality of China’s participation in the international macroeconomic policy coordination mechanism, and enhance
For my use? strengthen cooperation
At present, we need to adhere to the principle of serving ourselves and make full use of existing mechanisms and platforms to promote international macroeconomic policy coordination.
— — Strive to create a consensus-seeking international macroeconomic policy coordination environment.
General Secretary of the Supreme Leader pointed out: "A good and stable external environment is an important prerequisite for the development of all countries, especially for emerging market countries and developing countries." Humans live in the same global village, in the same time and space where history and reality meet, and have become a community of destiny with you and me.
The epidemic in COVID-19 has caused an all-round impact on global production and demand. At the same time, all major economic sectors have been hit hard, the operation of global industrial chain supply chain has been blocked, and trade and investment activities have continued to be sluggish. In this situation, whether it is to win the final victory in the global anti-epidemic or to promote the recovery of the world economy, the international community must unite and cooperate to jointly cope with the crisis test and strive to create a consensus-seeking international macroeconomic policy coordination environment.
In this regard, the General Secretary of the Supreme Leader pointed out that "major economies should establish a sense of community, strengthen the concept of systems, and strengthen the transparency and sharing of policy information", and "major developed countries should adopt responsible economic policies, control the spillover effects of policies, and avoid causing serious shocks to developing countries. International economic and financial institutions should play a constructive role, unite international consensus, enhance policy coordination and guard against systemic risks. "
As the world’s second largest economy, the largest commodity trading country and a major foreign investment country, China has always been responsible for both China’s economy and the world economy in formulating macroeconomic policies. General Secretary of the Supreme Leader clearly pointed out: "Under the background of weak global economy, China will inevitably be affected. In the face of downward pressure, we can introduce large-scale stimulus measures and achieve higher growth in the short term. We have the ability. The reason why this is not done is because the high-consumption and high-input model is unsustainable for China and will also bring risks to the world economy. "
On the new journey, China will take more active and promising actions to promote the coordination of international macroeconomic policies among various economies, and make contributions to pushing the world economy out of the shadow of crisis at an early date, and promoting the transformation of power, mode and structure of the world economy.
— — Make full use of existing mechanisms and platforms to carry out work.
The United Nations and international organizations such as the International Monetary Fund, the World Bank and the World Trade Organization provide important platforms and channels for international macroeconomic policy coordination. Regional organizations such as APEC and Shanghai Cooperation Organization provide important platforms for China to participate in regional economic and trade affairs. After the international financial crisis in 2008, the G20 played an increasingly important role in the coordination of international macroeconomic policies. To promote international macroeconomic policy coordination in the new journey, we should focus on the multilateral mechanism platform to participate in and promote international macroeconomic policy coordination and jointly build a broad development partnership.
In maintaining the authority and effectiveness of the multilateral system, we should resolutely safeguard the international system with the United Nations at the core, the international order based on international law, and the basic norms of international relations based on the purposes and principles of the UN Charter, support the United Nations to gather global consensus more effectively, mobilize global resources, coordinate global actions, play a greater role in world peace and development, and actively support the reform of the United Nations. Promote the United Nations to better adapt to the new requirements of global governance in terms of ideology, institutional setup and operation mode, better fulfill its responsibilities entrusted by the UN Charter, and play a greater role in safeguarding world peace and promoting common development.
At the same time, we should further strengthen coordination and cooperation with relevant parties in mechanisms such as the International Monetary Fund, the World Bank and the World Trade Organization. Continue to promote the reform of international financial institutions, pay close attention to the implementation of the IMF’s share and governance reform plan, and effectively reflect the changes in the international structure. Firmly support the multilateral trading system, actively support the necessary reform of the World Trade Organization on the basis of fairness and justice, and advocate that the reform of the World Trade Organization should safeguard the core values and basic principles of the WTO, especially the development interests and policy space of developing countries, promote the liberalization and facilitation of global trade, improve the trade dispute settlement mechanism, make global trade more standardized, convenient and open, and play a greater role in building an inclusive and open world economy.
In promoting macroeconomic policy coordination among the G20 parties, we should give full play to the role of G20 as a multi-functional platform for equal dialogue, communication and coordination among major economies in the world. Strengthen the coordination of macroeconomic policies of developing countries, promote the BRICS cooperation mechanism to be stable and far-reaching, and play a greater role in the international platform.
In deepening regional and sub-regional cooperation, we will actively promote new progress in APEC cooperation, make the spirit of the Asia-Pacific family and the sense of community of destiny deeply rooted in the hearts of the people, be the leader and promoter of an open world economy, constantly strengthen macroeconomic policy coordination among APEC members, enhance China’s influence in regional economic and trade affairs, and enrich regional cooperation mechanisms based on the series of East Asian cooperation mechanisms and the Shanghai Cooperation Organization. At the same time, deepen and expand the cooperation mechanism with neighboring countries and strengthen bilateral and Lancang River — Sub-regional cooperation, such as Mekong River Cooperation, promotes the coordination of macroeconomic policies in neighboring countries and regions through benefit sharing and policy communication.
— — We should make good use of cooperation among major powers, an important channel for international macroeconomic policy coordination, and strengthen the bilateral consultation and cooperation mechanism with major powers.
Closer consultation and cooperation mechanism among big countries will help international macroeconomic policy coordination achieve good results. General Secretary of the Supreme Leader pointed out: "The relationship between major powers is related to global strategic stability, and all major powers shoulder special responsibilities." It is very important to manage the relations between major powers well and promote the construction of a framework for relations between major powers with overall stability and balanced development. General Secretary of the Supreme Leader stressed: "With regard to relations between major powers, China advocates non-conflict, non-confrontation, mutual respect, win-win cooperation and common development." These important expositions are of great guiding significance for strengthening the bilateral consultation and cooperation mechanism with big countries and strengthening macroeconomic policy coordination with big countries in the new journey.
Make a contribution? do what one is capable of
At present, it is necessary to adhere to the principle of contribution and contribute more China wisdom and China’s strength to the coordination of international macroeconomic policies.
— — Advocate and actively create a new mechanism and platform to promote the coordination of international macroeconomic policies, and provide useful supplements and improvements to the existing mechanisms.
General Secretary of the Supreme Leader pointed out: "The new mechanism and new initiative advocated by China is not to start a new stove, let alone to target anyone, but to supplement and improve the existing international mechanism, with the goal of achieving win-win cooperation and common development." In 2013, General Secretary of the Supreme Leader put forward a major initiative to jointly build the Silk Road Economic Belt and the 21st Century Maritime Silk Road, that is, to jointly build the Belt and Road, which opened a new chapter for China to participate in global open cooperation, improve the global economic governance system and promote global common development and prosperity. Building the "Belt and Road" is an initiative of development, cooperation and openness.
To realize this initiative, all parties should work together to meet the challenges facing the world economy, create new opportunities for development, seek new impetus for development, expand new space for development, achieve complementary advantages and win-win results, and constantly move toward building a community of human destiny.
Policy communication is the basis for building a "Belt and Road" country, strengthening political mutual trust, carrying out pragmatic cooperation and deepening interest integration. Through policy communication, China actively builds a platform for building the "Belt and Road Initiative" to meet the development strategies of various countries and actively creates opportunities for regional economic and trade integration and development. On the new journey, we should give full play to China’s role in promoting international macroeconomic policy coordination by promoting high-quality joint construction of the "Belt and Road".
— — Innovating ways and means to promote the coordination of international macroeconomic policies.
In terms of innovative trade facilitation mechanism and platform construction, we should focus on the strategic convergence point of deepening mutually beneficial cooperation between China and neighboring countries and vigorously promote the construction process of the Asia-Pacific Free Trade Area. In actively promoting the innovation of international major infrastructure investment and financing mechanisms, China has initiated the establishment of the Asian Infrastructure Construction Investment Bank and the BRICS New Development Bank. On the new journey, the two institutions should be urged to make greater contributions to the economic and social development of BRICS countries, emerging market countries and developing countries.
In terms of structural reform policy coordination mechanism innovation, the Supreme Leader General Secretary pointed out: "The world economy has entered a period of transformation between old and new kinetic energy. We must find the right entry point and vigorously promote structural reforms. " On the new journey, we should actively promote all parties to accelerate the implementation of the UN 2030 Agenda for Sustainable Development and strengthen the coordination of international macroeconomic policies under the framework of the UN 2030 Agenda for Sustainable Development.
— — Adhere to the international positioning of China as a developing country and do what you can.
China has become the world’s second largest economy, the largest commodity trading country and a major foreign investment country. With the continuous improvement of China’s comprehensive national strength, all countries and parties pay more attention to China’s position in participating in the coordination of international macroeconomic policies, and expect more and more from China.
At this time, it is even more necessary to realize that China’s basic national conditions, which are still in the primary stage of socialism for a long time, and its international status as the largest developing country in the world have not changed. The per capita GDP of developed countries in the world is generally above $30,000, while China’s per capita GDP has just exceeded $12,000, ranking around 70th among nearly 200 economies in the world. In 2022, the urbanization rate of permanent residents in China was 65.2%, while the urbanization rate in developed countries was generally around 80%. Compared with the level of science and technology in developed countries, China’s development still faces major technological bottlenecks, and the pattern of core technologies in key areas being controlled by people has not fundamentally changed. In this regard, General Secretary of the Supreme Leader repeatedly stressed: "China is still the largest developing country in the world." "The people of China will continue to work hard to live a better life." This requires us to concentrate on our own affairs, not only to take the initiative to assume the responsibility of a big country, but also to do our best and do what we can according to China’s basic national conditions.
At present, the changes in the world are unfolding in an unprecedented way, and the great rejuvenation of the Chinese nation has entered a critical period. On the new journey, we should accurately grasp the basic principles of promoting international macroeconomic policy coordination, maintain strategic strength, actively respond, promote the formation of a win-win cooperation pattern in which countries’ growth promotes each other and complements each other, advocate international multilateral development cooperation, and make continuous efforts to promote better development of the world economy. (Author: the Central Committee of the Communist Party of China Institute of Party History and Literature)
(Outlook, No.26, 2023)
