During the past one or two decades, the view toward globalization among the Chinese transformed remarkably as people who used to cast doubt on the trend began to be convinced that the country should definitely be involved in the process, or even lead it.

The globalization we're talking about today should first be economic globalization, which is generally influenced by three essential factors.

The substantial progress made in science and technology, evolving from information technology to artificial intelligence, is the most vital driving force directing the globalization of the world's economy. The power of science and technology extends beyond borders as a leading force in fueling productivity. It's therefore important to study the new characteristics and trends of scientific and technological advancement.

Multinational conglomerates are pressing ahead with economic globalization through international trade and investment.

Economic globalization is in effect a process of global industrial transfer and restructuring. During the past decades, the manufacturing industries have shifted from developed to emerging economies with the transfer of technologies and human resources.

Multinational corporations used to be the main carriers of economic globalization, but now, after the birth of the Internet, thousands of small and medium-sized enterprises are enjoying equal access to information, technology, and trade and investment.

The essence of economic globalization used to be a massive transference of industries, such as steel manufacturing, from developed economies to emerging ones. But in the present climate, it's more about the extension of industrial chains and the establishment of supply chain networks.

There is an argument that globalization is in reverse or even that it will disappear. How can we make an objective and comprehensive judgment of new developments in economic globalization? Why is globalization suffering setbacks in today's world? And why has anti-globalization sentiment risen in the U.S. and European countries?

Actually, the cause of the setbacks and problems during the globalization process does not lie in globalization itself, but in governments' approaches to deal with the impact of globalization upon social stratification. Different social classes have not been given their fair share of benefit from economic globalization. How to address this problem, therefore, is vital to the steady progress of globalization.

Since the 18th National Congress of the Communist Party of China, China's state leadership has vowed a targeted approach to alleviating poverty in order to narrow regional gaps and solve unequal development and resources distribution. The latest plan, to build the Xiongan New Area in north China's Hebei Province, is one example of strategies aimed at balancing regional development.

Facing the problems arising from globalization, the majority of the Chinese have embraced openness and reforms. Seeking a fairer distribution is a Chinese experience which can serve as a reference for Western countries when they address domestic anti-globalization sentiments.

Another argument is that under the current circumstances China will take the place of the United States to lead economic globalization. However, this is unlikely to happen any time soon. Despite its cutting-edge technology in a few areas, the gap remains huge when China compares its scientific and technological development and expertise with that of Western countries.

Although more and more Chinese firms have been listed among the top 500 companies in the world, many of them are less competent in view of their core values, which will not allow them to become the major carriers of economic globalization. Last but not least, China still has a long way to go to upgrade its low-end industries into high-end ones.

The author is former vice minister of foreign trade and economic cooperation; the article was first published on China.org.cn

Copyedited by Dominic James Madar

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