China Daily, October 29th - Igor Makarov, Director of the Department of World Economy at the Higher School of Economics in Russia and Director of the Climate Change Economics Laboratory, stated at the "Global Strategic Dialogue (2025)" think tank forum that the global economy is facing a crisis and challenges. The root cause lies in the fundamental transformation of the entire international system, while the international economic order formed under the old conditions no longer adapts to the new reality being formed. China's proposed development concepts and implementation paths provide the foundation for reshaping the global economic order.
Participants from home and abroad attended the discussion session on the theme of "Inclusive and Inclusive Economic Globalization."
Makarov believes that the crisis of the international economic order can be divided into three interrelated but independent parts: the crisis of globalization and openness, the crisis of global economic institutions, and the crisis of development models.
He mentioned that the current normal state of the international economic order is the multipolarization of the economy, where the internal connections within this "regionalized world" are much closer than those with the outside. A regionalized world can become a sustainable model of globalization, but there is a necessary condition: maintaining open interaction between regions and following unified rules. This also leads to the second crisis, which is the crisis of global economic institutions, where "institutions" refer not only to organizations but also to rules.
Makarov said that the way out of the crisis of global economic institutions lies in institutional evolution, with new institutions and new rules gradually emerging: in some cases, they will develop alongside the existing system, such as the New Development Bank (NDB) established recently, which does not replace the World Bank but is more flexible, fairer in voting rights and the rotation of presidents, more focused on contemporary development needs, and more open to innovation in development financing; in other areas, new institutions will fill the gaps, taking artificial intelligence as an example, which is shaping the future of the economy and society. All these changes will proceed smoothly and ultimately form a new system of economic rules.
He further pointed out that the crisis of the development model may be the most complex and hardest to overcome crisis. The Global South needs economic growth to solve its own problems, but previous development models are no longer applicable. The development path of the Western world cannot be emulated because these paths clearly exceed the carrying capacity of the Earth's ecosystem. In fact, even in the Western world, the old development model has failed and faces challenges such as an aging population, outdated infrastructure, and the exhaustion of traditional welfare state models.
Makarov believes that humanity should strive to establish a new model that no longer pursues maximum consumption but instead maximizes overall well-being. This is particularly important for developing countries, as the new growth model will be implemented first in these countries. In this regard, the world can learn from China, including the concept of ecological civilization successfully implemented by China.
He mentioned that in recent years, China has become an absolute leader in the development of global green technology, including a series of practical financial and technical mechanisms implemented within the framework of the Belt and Road Initiative. Equally important are China's four global initiatives, which, from the four dimensions of development, security, civilization, and governance, inject strong momentum into building a better world. All these concepts and implementation measures also provide a new vision foundation for how the global economic order should develop.
Makarov finally discussed how to build an inclusive and fair economic globalization, emphasizing that humanity does not need globalization itself, but rather a new model of inclusiveness and peace. Economic globalization should be one of the means to achieve this goal.
On October 28, the "Global Strategic Dialogue (2025)" think tank forum was held in Beijing, co-hosted by the Chinese Academy of Social Sciences and China Daily. The event was organized by the Institute of World Economy and Politics of the Chinese Academy of Social Sciences, the National Global Strategy Think Tank of the Chinese Academy of Social Sciences, and the China Observation Think Tank of China Daily. Over 100 experts and scholars from China, Russia, the United States, the United Kingdom, France, Denmark, Norway, and other countries discussed the theme of "The 80th Anniversary of the United Nations and the New Landscape of Global Governance." (Translated by: Gao Linlin)
Original article: https://www.toutiao.com/article/7566823266208186920/
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