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Virtuous globalization, the three-zeros policy, and China’s choice

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  • Guanzhong James Wen

Abstract

Economic globalization is generally desirable and beneficial to a great extent, but not necessarily virtuous. Modern history has proven time and again that economic globalization may go astray if rivalry among big powers are not coordinated and regulated in a timely manner. Thorny issues arise inevitably when globalization involves big economies such as China, whose resource allocation mechanisms deviate significantly from that of a typical market economy. This paper will focus on: 1) What is virtuous globalization? 2) Why should big powers adopt the goal of three-zeros (zero tariff, zero barrier, and zero subsidy) as a necessary condition for achieving the goal of virtuous globalization? 3) Why should China in particular set a leading example to adopt and implement this policy to make a real contribution to the building of global institutions that are conducive to virtuous globalization as well as its domestic economic reforms.

Suggested Citation

  • Guanzhong James Wen, 2021. "Virtuous globalization, the three-zeros policy, and China’s choice," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 19(3), pages 221-237, July.
    • Handle: RePEc:taf:jocebs:v:19:y:2021:i:3:p:221-237
    DOI: 10.1080/14765284.2020.1862637
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