Innovation in Globalization Theory and Reconstruction of International Trade Rules

Globalization has rendered the world a closely knit global village where interactions across borders are frequent and pervasive. Throughout history, the march of globalization has witnessed both triumphs and tribulations, yet it has persistently deepened, significantly contributing to the stability and growth of the global economy. Today, globalization confronts a pivotal crossroads: to proceed forward or revert to a path of “de-globalization.” The COVID-19 pandemic at the end of 2019, while exacerbating certain anti-globalization tendencies, also underscored new dynamics propelling globalization. A rational, forward-looking perspective reveals that Globalization 4.0 is on the horizon, necessitating a more robust response to the realities and demands of our changing world. We have but one Earth, and it behooves us to strive for a world that is increasingly prosperous and equitable. China’s Belt and Road Initiative (BRI) is not only a significant proposal but also embodies rich philosophical notions, thereby setting a shining example for Globalization 4.0. Amidst Western developed nations’ resurgence of protectionist sentiments, exemplified by the Trump administration’s “America First” policy and its instigation of a “global trade war,” the reconstruction of international economic landscape is imperative. The evolving global economic landscape urgently requires a recalibration of theories, demanding frameworks that better align with contemporary realities to accurately interpret and forecast novel trends in global trade. Therefore, we should respond to the demands of our times by innovating globalization theories and reconstructing international trade rules, thereby providing crucial support for a new form of globalization that sustains and fosters the stability and development of the global economy and finance.