Tu Xinquan, dean of China Institute for WTO Studies at the University of International Business and Economics. Photo: GT

The Global Times Annual Conference 2025, themed "Moving forward in Partnership: Resonance of Values between China and the World," is held in Beijing on Saturday. Experts and scholars engaged in discussions on the topic, "Exploring the path of great power relations: differences and consensus." Tu Xinquan, dean of China Institute for WTO Studies at the University of International Business and Economics, said that while the US was once a key driver of the global trade system, at present, the "dual-core drive" of China and the US is more beneficial for the world economy. 

Economic and trade relations can be seen as the foundation of China-US relations and serve as the ballast for their stable development. Tu pointed out that the multilateral trade system in the past operated with the US market at its core. However, with the US market and economy facing problems, the core in the past can no longer single-handedly drive the global economy. The China-US "dual-core drive" is more beneficial for the development of the world economy. In Tu's view, China's role in the global economy is still primarily that of a producer, and its position as a consumer has not yet been fully demonstrated.

Tu emphasized that the key issue in the global trade system lies in how to coordinate the conflicting economic interests of different producers. To address this, he proposed two approaches: First, to create a larger international market through the inclusion of new members, technological advancements, and institutional improvements; Second, to foster a more interdependent, "mutually embedded" relationship among producers.

Global Times