China’s Vision for an Open Global Economy Amidst Turbulent Times

Original article: La visión de China para una economía mundial abierta en una era turbulenta

The Annual Meeting of the World Economic Forum (WEF) 2026 commenced on January 19 in the snow-covered Swiss resort town of Davos. As global leaders gather once again in the Alpine city, the world economy faces a series of increasingly intense challenges, prominently highlighted by the rise of protectionism, unilateralism, and hegemonism.

In this context, the vision articulated by Chinese President Xi Jinping in multiple previous speeches stands out, providing a clear and consistent compass for global economic governance, emphasizing openness and fairness as fundamental pillars for stability and growth.

By translating this vision into concrete actions, China has intensified development-oriented cooperation with other countries in the Global South, aligning with shared concerns amidst growing uncertainties and reinforcing calls for a more inclusive and predictable global economic order.

The High Costs of Unilateralism 

Indeed, global economic growth faces significant obstacles as the escalation of unilateralism and protectionist measures hamper international trade and investment flows. Indermit Gill, Chief Economist at the World Bank Group, warned that the global economy will grow at a slower pace in the coming years than even during the turbulent decade of the 1990s.

A major factor behind this slowdown is a new round of tariffs and trade restrictions implemented by Washington over the past year. With the accumulation of these measures, the average import tariff in the U.S. skyrocketed from 2.4% in early 2025 to nearly 18%, the highest level since the 1930s.

These arbitrary tariffs come at a high cost. According to the United Nations Conference on Trade and Development (UNCTAD), U.S. growth is expected to slow to 1.8% in 2025 and 1.5% in 2026, compared to an average of 2.5% between 2015 and 2019. In Europe, U.S. tariffs on steel, aluminum, and automobiles have undermined supply chains and competitiveness, causing companies to postpone investment. UNCTAD anticipates EU growth of just 1.3% in 2025.

Moreover, Washington has weaponized tariffs as a tool of geopolitical coercion, particularly threatening punitive tariffs on countries that do not support the U.S. plan to «acquire» Greenland.

The use of U.S. financial tools as weapons and the growing unilateralism have destabilized global markets, severely restricting the strategic autonomy of developing countries, stated Herman Tiu Laurel, president of the Asian Century Strategic Studies Institute in Manila, in an interview with Xinhua.

World leaders have expressed opposition to these unilateral actions. Italian Prime Minister Giorgia Meloni stated, «Imposing new sanctions today would be a mistake,» while Malaysian Prime Minister Anwar Ibrahim cautioned against using global trade as a weapon against weaker nations.

In a world fractured by economic failures, Xi offered clear guidance. «Countries cannot prosper without an international environment of open cooperation, and no nation can afford to retreat into self-imposed isolation,» he reminded the international audience.

Addressing the BRICS 2025 Virtual Summit, he reinforced the point: «Economic globalization is an irresistible trend in history.»

China’s Approach 

As noted by Xi, China’s approach to the global economy has consistently emphasized openness, cooperation, and a long-term perspective on economic globalization.

«Like it or not, the global economy is a vast ocean from which you cannot escape,» Xi said in his 2017 World Economic Forum speech, warning that attempts to cut off flows of capital, technology, and people would only go against economic reality.

In July 2025, he informed a group of new ambassadors in China that the nation will firmly expand high-level openness and share the benefits of its vast market, ensuring that China’s advancement will bring new opportunities for other countries and inject greater certainty into global economic growth.

«China’s emphasis on openness, inclusion, and fairness speaks directly to the fundamental aspirations of developing countries, which have long sought a global economic system that enables growth rather than restricts it,» Lewis Ndichu, research director at the China-Africa Policy Center in Nairobi, told Xinhua.

«For many in the Global South, openness is not about unrestricted liberalization, but about meaningful access to markets, technology, and finance on equitable terms. China’s proposals resonate because they recognize this distinction and place development at the core of globalization,» he added.

Amid changing global dynamics, China remains firmly committed to reform and opening up. The launch of the Hainan Free Trade Port (FTP) in December 2025 exemplifies China’s push for high-level openness, featuring expanded tariff-free coverage and business-friendly market regulations that facilitate freer flow of goods.

During a visit to Hainan, Xi described the FTP as a historic measure that reflects China’s unwavering commitment to expanding high-level openness and promoting an open global economy.

Hainan is expected to play a leading role in advancing high-level openness by strengthening coordinated development with the neighboring Greater Bay Area of Guangdong-Hong Kong-Macao and deeply integrating into Belt and Road cooperation, he added.

Thanks to its strategic location, the Hainan FTP is anticipated to serve as a new platform for international engagement across various sectors, from tourism and modern services to high-technology industries and agriculture, particularly benefiting ASEAN countries, said Christine Susanna Tjhin, strategic communications and research director at the Gentala Institute in Indonesia.

A Fairer Economic Order 

Amid global economic storms, countries in the Global South are the hardest hit by the economic crisis, a fact crystallized in a recent World Bank finding: by the end of 2025, almost all advanced economies had seen their per capita incomes rise above 2019 levels, while about one in four developing economies remained below pre-pandemic income levels.

«The growing uncertainty and geopolitical fragmentation, coupled with slower growth, currently present the most pressing challenges for the global economy, particularly for developing countries that rely on open trade and stable investment flows,» said economic researcher Deni Friawan of the Center for Strategic and International Studies in Jakarta to Xinhua.

As a result, more and more developing countries are calling for a fairer share in economic globalization.

In December 2024, Xi held a meeting with leaders of major international economic organizations, reaffirming China’s commitment to collaborative global progress: «China is ready to work with major international economic organizations to practice multilateralism, promote international cooperation, and support the development of countries in the Global South, in order to advance a multipolar, equitable, and orderly world, and create universally beneficial and inclusive economic globalization, building a just world of common development.»

«The economies of the Global South need a balanced international environment that combines openness, stability, and access to affordable financing,» asserted Asif Javed, associate researcher at the Pakistan Sustainable Development Policy Institute. «Trade and investment must be fair and inclusive so that developing countries can integrate into global value chains.»

This growing interest in collaboration is now materializing in the economic arena. The expansion of trade and supply chain cooperation under the upgraded China-ASEAN Free Trade Area 3.0 and the ongoing implementation of the African Continental Free Trade Area highlight the increasing willingness of emerging economies to seek stability through more coordinated economic interaction.

«There is a clear convergence between President Xi’s emphasis on governance based on dialogue and the Global South’s aspiration for a more balanced and cooperative global economic order,» said Alok Kumar Pathak, associate researcher at the BRICS Institute in India, to Xinhua.

This convergence, observers noted, is increasingly reflected in projects of various initiatives. In Africa alone, China has contributed to the construction and modernization of over 10,000 km of railways and nearly 100,000 km of roads, in addition to deploying over 200,000 km of fiber optic cable, driving regional industrialization and connectivity.

The Magufuli Bridge, built by China and spanning Lake Victoria in Tanzania, was inaugurated in June 2025, marking another landmark project of the Belt and Road Initiative. As the longest bridge in East and Central Africa, it not only improves local transport but also enhances connectivity with neighboring countries. The bridge symbolizes Tanzania’s self-sufficiency and acts as a catalyst for regional development, stated Tanzanian President Samia Suluhu Hassan at the inauguration ceremony.

Beyond infrastructure, China’s growing role in technology transfer and digitalization is transforming development possibilities, Ndichu asserted. «Its commitment is increasingly focused on capacity building, skill development, and integration of the value chain, rather than simple resource extraction.»

«China acts as a stabilizing anchor and a key engine of industrial modernization across the Global South,» affirmed Herman Tiu Laurel.

«By prioritizing infrastructure development and technological innovation, China provides developing countries with practical means to build sustainable growth and achieve true economic autonomy,» he stated.

Ismael Buchanan, a professor in the Political Science Department at the University of Rwanda, remarked that China’s emphasis on inclusion aligns with the desire to ensure that the benefits of globalization are more widely shared, rather than concentrated in a few advanced economies.

«China has offered additional development options for countries in the Global South. This commitment complements existing international efforts and contributes to a more diversified and balanced global economic system,» he added.