Multilateralism imperative for inclusive growth

Strengthening multilateral cooperation is imperative for promoting an inclusive development of the world economy and preventing it from falling into isolation, leading experts said on Monday.

Xie Fuzhan, president and academician of the Chinese Academy of Social Sciences, said it has become "more important and urgent" than ever to advocate multilateralism and support the free trade system amid rising unilateral actions that could give rise to isolation and disorder in the world economy.

According to Xie, the global economic recovery remains slippery with prominent challenges posed by rising inflation and a stagnated global supply chain, as well as economic policymaking that is more oriented to the domestic economy and less open to the outside world in some countries.

To cope with risks and create a more inclusive and cooperative international environment, major economies should strengthen macroeconomic policy coordination and take full consideration of potential negative spillovers into other economies in the process of policy formulation, he said.

Xie made the remarks late on Monday while addressing the Global Strategic Dialogue 2021, an international webinar themed on the open global economy and co-hosted by CASS and China Daily.