Cooperation promoted to aid economy

New technologies and industries expected to provide growth in jobs

Experts have called for global cooperation to stave off the impact of the novel coronavirus on the economy, urging joint efforts to develop new technologies and emerging industries that are considered the driving force of an economic recovery.

Zhang Xiaoqiang, executive vice-chairman and CEO of the China Center for International Economic Exchanges, said deeper cooperation among various countries is needed to mitigate the economic impact of the coronavirus.

Zhang said developing new technologies and industries will provide economic development and create more employment opportunities. According to Zhang, sectors including multichannel online meetings, remote working and the medical industry have developed rapidly amid the pandemic, while others like information technology, biomedical, modern logistics and delivery systems have played an important role in battling the pandemic.

The remarks were made during the Parallel Thematic Sub-forum of Global Economic Recovery: New Goals and New Drivers. The subforum was held on Wednesday by the CCIEE under the Global Think Tanks Online Forum on International Cooperation to Combat COVID-19.

During a telephone conversation in May with his Portuguese counterpart, Marcelo Rebelo de Sousa, President Xi Jinping said that only by standing together and cooperating in the spirit of a shared future can countries around the world tackle all the difficulties and challenges of the century.

Calling for concerted efforts to reduce the impact of the coronavirus, Hanns Guenther Hilpert, head of Research Division Asia of the German Institute for International and Security Affairs, said at the subforum that the pandemic has had negative impacts on the global value chain and many other areas. Hilpert said countries should step up efforts to strengthen global cooperation to reduce such impacts.

Arkebe Oqubay, senior minister and special adviser to the Ethiopian prime minister, called for more economic stimulus that can benefit the whole world.

Oqubay said he hopes for more supportive measures to help the country develop new industries and create more employment.

Oqubay said China is building an active cooperation framework with African countries and is helping them battle the coronavirus outbreak as well as develop trade, investment and finance. He said he hopes China can play a larger role in creating a more constructive new world order.

Chen Wenling, chief economist of the CCIEE, said the coronavirus pandemic has caused companies to go bankrupt, has reduced average incomes and has increased unemployment. Chen said global cooperation is essential to reduce the coronavirus' impact on the economy.

Peter Jungen, chairman of investment company Peter Jungen Holding, said more measures are needed to support industrial innovation and startup companies. He called for a more open global market and more cooperation and trade to support innovation and economic recovery.