Policy coordination can spur common prosperity: China Daily editorial

The talks Chinese Premier Li Qiang is hosting in Beijing on Monday with heads of 10 international economic organizations are expected to be conducive to improving the global economic governance system and promoting global common prosperity. Under the theme of "Building Consensus on Development to Promote Global Common Prosperity", Premier Li and his guests, including heads of the World Bank, the International Monetary Fund, the World Trade Organization, and the Organisation for Economic Co-operation and Development, are scheduled to have intensive discussions on the prospects for world economic development. According to the agenda of the "1+10" Dialogue, the three topics under which they are to exchange views are "Seizing Opportunities in Transformation to Promote World Economic Transition and Growth", "Upholding Multilateralism in Advancing Reform and Development of the Global Economic Governance System" and "China's Endeavor to Further Deepen Reform Comprehensively and Break New Ground in Chinese Modernization". But if countries only consider maximizing their own interests and ignore the interests of others, and even resort to "decoupling" and "de-risking" measures that aim to build "small yards with high fences" to protect their own interests and development rights at the cost of others', they will only raise the costs of economic operations, sever economic ties between regions, intensify contradictions and disputes, and drag countries around the world into a vicious cycle of dog-eat-dog competition. As the world's second-largest economy and a major manufacturing base, logistics hub and investment destination, China firmly upholds free trade, inclusive economic globalization and fair multilateral global governance.