Harbin International Economic and Trade Fair

On behalf of the World Trade Organization, I extend warm congratulations on the opening of the 32nd Harbin International Economic and Trade Fair.
The theme of this year's Fair is "Build a New Platform for high-level opening up and Share new opportunities for high-quality development". Heilongjiang Province is pushing forward the construction of "Open Heilongjiang" and "Pilot Free Trade Zone". The level of trade and investment facilitation is constantly improving. Its trading partners cover more than 200 countries and regions around the world, and its trade with major trading partners is growing rapidly. I am confident that this fair, the first time in an offline format since the end of the epidemic, will serve as a useful platform for delegations and entrepreneurs to discuss new opportunities and cooperation, and further promote the growth of international trade and cross-border investment.
Ladies and Gentlemen, the global trade is in a period of adjustment. How to cope with the new situation, solve new problems and achieve new development is a challenge for every government and entrepreneur.
We need to see clearly what is changing and what is not, what are the new dynamics and what we should stick to. Only in this way can we respond more actively, and keep pace with the trend.
In my view there are three changes.
First, the perception about security is changing. In the past few years, with the continuous occurrence of events in the fields of geopolitics, regional conflicts and public health, the awareness of "security" has been elevated, and new economic and trade security policies surged. Governments and enterprises should pay close attention to these policies, take the initiative to adjust and diversify supply chains, so as to defuse policy risks and improve the ability to cope with emergencies.
Second, technological advances are reshaping production and trade. New technologies such as digitalization, automation and artificial intelligence have led to new products, services and changed business models. In the past, international trade was deemed to be eligible for big, powerful companies only; Nowadays, with the help of the Internet, Micro- and small-sized enterprises, or even individuals can participate in global value chains.
Third, the values of trade are changing. Trade is no longer just about maximising profits. Social value issues such as environmental protection, energy conservation and emissions reduction, women's empowerment, small and medium-sized enterprises and labour protection are also receiving increasing attention. Enterprises should adjust at the strategic level accordingly. Government should explore possible policies and strengthen international coordination.
What are not changing?
First, the general trend of globalization remains unchanged. Many people fear that globalization has come to an end and that economies will become closed and conservative. I believe that despite some anti-globalization events, the general trend of globalization has not changed. We are now in a period of re-adjustment to globalization, adapting to new technologies and situations so as to better integrate into the new wave of globalization. They are sometimes called "slobalization" or "re-globalization".
Second, the efforts toward trade and investment facilitation will not change. Although the perception about security and values in trade are being adjusted, attracting foreign investment and promoting trade will still be an important way for countries to develop their economies, create jobs and improve welfare. Promoting trade liberalization and facilitation will benefit all participants by increasing efficiency and reducing costs. Governments and international organizations will continue to create favourable conditions for this.
Third, rule-based international cooperation will not change. Rules guarantee of the operation of global trade and solve disputes. WTO rules and regional and bilateral trade agreements have created a stable environment for international trade. Nonetheless, we must admit that there are deficiencies or gaps in the existing rules, and it is urgent to formulate new ones. Cooperation and consultation are the best way to establish new rules. The WTO has been continuously working on this. We encourage all members to take a more active and constructive part in this process and welcome inputs from the private sector.
Ladies and gentlemen, the future of international trade must be green, digital, inclusive and conducive to security. Let us work together to strengthen cooperation, promote trade development and create a better life for human society. Thank you very much!