BEIJING: The World Openness Index, which tracks the openness of 129 economies from 2008 to 2023, highlights China as one of the few bright spots in an overall global decline in openness.
The index was part of the World Openness Report 2024, which was released on Tuesday at the 7th Hongqiao International Economic Forum in Shanghai.
In 2023, the World Openness Index was 0.7542, reflecting a decline of 0.12 percent from 2022, 0.38 percent from 2019 and 5.43 percent from 2008, indicating a downward trend in global openness.
First introduced in 2021, the index is compiled by the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS), along with the Research Center for the Hongqiao International Economic Forum.
The report noted that the pace of economic globalization continued to slow last year, with the world’s overall openness level “in deficit.”
“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 said, listing the key factors contributing to the trend.
Zhang Yuyan, an economist and academician at CASS, said that the number of global trade intervention measures exceeded 4,700 from 2020 to 2023, significantly higher than the levels before 2020.
Economic sanctions are working against opening, imposing a negative impact on globalization, said Nobel laureate economist Christopher Pissarides at a symposium after the release of the report. “I hope they end soon, but I don’t quite see it,” he added.
Despite these global challenges, China remains a key exception, maintaining its commitment to greater openness and economic integration with the world, the report revealed. From 2008 to 2023, the country’s openness index increased from 0.6789 to 0.7596, marking an 11.89 percent rise and placing it among the world’s top economies in terms of growth rate. –The Daily Mail-CGTN news exchange item
