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Globalization in the spotlight at Boao Forum amid rising protectionismBy Yin Yeping (Global Times) 10:15, March 27, 2025
The Pakistani minister said that inclusive globalization is a necessity, not a choice. Globalization has driven economic growth and lifted more than 1 billion people out of poverty, but protectionism, unilateralism and trade wars are on the rise, with some major economies disrupting supply chains and undermining global cooperation, according to Aurangzeb, who noted that while this trend is still in its early stages, we are already feeling its impact.
"Pakistan, like many developing economies, embraces a globalization model and drives great, sustainable growth and an equitable financial system... The world also must work together as a multilateral, sustainable and innovation-driven economy - one that empowers all nations to grow, develop and prosper," Aurangzeb said.
"The future of globalization must be one of inclusivity, fairness and shared prosperity, and the time for that has come," the Pakistani official added.
Long Yongtu, former vice minister of the then Ministry of Foreign Trade and Economic Cooperation, who was also China's chief negotiator for entry into the WTO, told a panel discussion that in the past, economic globalization was mainly driven by large multinational companies from Western countries, led by the US. "We hope that these large multinational companies, led by the US, will continue to play an important role in this regard," Long said.
Long said that the rapid advancement of science and technology is not subject to one's will; it is also unrelated to the economic and trade policies of the most powerful countries.
Wang Huiyao, president of the Center for China and Globalization, a Beijing-based think tank, agreed that technology development has played an important role in boosting globalization. He took the example of China's artificial intelligence (AI) app DeepSeek, which he described as a new driving force for globalization. After DeepSeek emerged, China witnessed a new wave of AI entrepreneurship, and this is a low-cost, open model that is not only applied to China's vast data scenarios but also benefits many developing countries worldwide, Wang said.
The head of the think tank said that geopolitics may slow down globalization, but the laws of economic development will continue to drive it forward.
Ian Goldin, the former vice president of the World Bank, emphasized the need for globalization, partially because "we need a rules-based system to prevent bullies from dominating the rest."
A coalition is working on key issues beyond just trying to include pandemics and climate change, as well as other areas that are absolutely essential, Goldin said, noting that in his view, China and Europe are two key axes.
According to Goldin, Europe and Asia have very strong roles to play in laying the groundwork. Unless Asia and Europe work together, there will be no true globalization, he said.
Some panelists further emphasized the crucial role that China plays in advancing globalization, bringing tangible greater benefits to the world.
Speaking to the Global Times at the session, former Thai deputy prime minister and foreign minister Don Pramudwinai said that China has a lot of experience in globalization. This year marks the 50th anniversary of the establishment of diplomatic relations between China and Thailand. Pramudwinai said that over these 50 years, China has been committed to reaching out to the world and working seriously with countries across the globe to benefit the international community. "We support globalization because we, too, believe in multilateralism," he said.
Similar voices echoed throughout the Boao Forum, with Wednesday's panel discussion following suit in addressing globalization and the role China should play in this field.
As a key pillar of Asia's development, China is pivotal to rebalancing globalization, inclusive growth and regional economic integration, said Zhang Jun, secretary-general of the Boao Forum for Asia, the Xinhua News Agency reported.
