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Economic Globalization 3.0 and the Concept of Interconnection under the Belt and Road Initiative
Jin Bei (金碚)
Institute of Industrial Economics, Chinese Academy of Social Sciences (IIE, CASS), Beijing, China
Abstract: At present, the third wave of economic globalization is emerging. After the
setbacks in Economic Globalization 1.0 and rejuvenation in Economic Globalization
.0, China’s economy is bound to occupy an important international position in the
new chapter of Economic Globalization 3.0 and exert profound influence globally. The
benefits of globalization cannot be realized without a number of realistic conditions,
including the level of technology and infrastructure, geopolitical pattern and market
power structure, international institutional arrangements (global governance structure),
among others. Under Economic Globalization 3.0, the nature of international competition
is good governance, rather than brutal force and hegemony. What matters for China is
for it to become an innovative and vibrant country and demonstrate its economic vitality,
competitiveness and creativity. Therefore, China’s position under Economic Globalization 3.0
depends on its transition from a “world leader of high growth” into a future “world leader
of good governance and vibrancy.” In the new chapter of Economic Globalization 3.0, the
interests of world economies become interwoven and interdependent. Despite unavoidable
frictions and disputes, more inclusive and balanced development serves the interests of
most countries in the world. For major countries with global interests, maintaining the new
balance of power for economic globalization is consistent with their respective national
interests. The shared interests of countries promise a more peaceful and interconnected
world than ever before.
Kgoevyerwnoanrcdes: economic globalization, industrial revolution, Belt and Road Initiative, global
JEL Classification Code: O19, F63, N70
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