Former WTO director speaks out on global market systems

Photo taken on Nov 3, 2022 shows the Qinzhou Port in Qinzhou, South China's Guangxi Zhuang autonomous region. (Photo: Xinhua)

Openness, non-discrimination and adherence to multilateral rules are important guarantees for the healthy operation of the market economy and global supply chains, said a former senior official of the World Trade Organization.

Ignoring multilateral trade rules and conducting trade protectionist measures will not only fragment the global market system and cause disruptions in global supply chains, but also seriously distort global economic governance, said Yi Xiaozhun, former deputy director-general of the WTO.

Addressing a policy dialogue named "Reshaping Global Trade, Industry Chains and Supply Chains", a part of the ongoing 19th International Finance Forum Annual Meeting, Yi said via video that the reform and opening-up are the key for China to deal with the adversity of trade protectionism.

"As long as China stays committed to opening-up, its advantages including market stability and high-efficiency production rate will ensure the country to succeed in the future industrial chain and international market," said Yi, who also is China's former vice-minister of commerce.

The International Finance Forum (IFF) is an independent, non-profit, non-governmental international organization founded in Beijing in October 2003, and established by financial leaders from more than 20 countries and regions.