China publishes global openness index

The Global Openness Index, which measures the degree of openness in 129 major economies from 2008 to 2019, was published at the Fourth Hongqiao International Economic Forum in Shanghai. Xinhua News Agency.

The index, compiled by the Institute of World Economy and Politics of the Chinese Academy of Social Sciences and the Research Center of the Hongqiao International Economic Forum, was included in the 2021 Global Openness Report.

According to the index, the 10 most open economies in 2019 were Singapore, Germany, China’s Hong Kong SAR, Ireland, the United Kingdom, Switzerland, the Netherlands, France, Canada and Malta.

While about 80% of economies experienced an increase in the level of openness, the global index declined from 0.7790 to 0.7480, or about 4%, from 2008 to 2019.

The index of the United States, which was the most open economy in 2008, fell to the 22nd place, while the index of openness fell from 0.9328 from 0.7666 to 0.7666.

The report noted that the United States accounts for about 25% of the global economy and that the pace of regional and global openness across borders has slowed.

The index report showed that the continuous expansion of China’s opening up led to an increase in the country’s index ranking from 62nd in 2008 to 40th in 2019, up 22 places and reaching 0.7420.

China has launched a series of concrete measures on opening up, including promoting joint efforts to build the Belt and Road, establishing pilot free trade zones and hosting the China International Import Expo. According to the report, these measures have effectively reduced the waning momentum of global openness.

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The report concluded that the world still has great potential for openness and that increased openness serves the common good of humanity.

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