Reflection on global investment and trade rules as...
Since the theory of economic globalization was put forward，the“doubleedged sword” effect of economic globalization itself has never been denied.In addition to emphasizing the great contribution of international division of labor，market opening-up，factor flow，production integration，trade liberalization and financial internationalization to the growth of the world economy，it is also suggested that economic globalization may bring global trade imbalance，financial imbalance，as well as world economic development imbalance and inequity，etc.Therefore，in view of the “double-edged sword”effect of economic globalization itself and the so-called “reasonable paradox of globalization”，the international economic circle has put forward the important thought and judgment that globalization needs effective rules and governance mechanisms.Since the Second World War，from the proposal of the “General Agreement on Tariffs and Trade” （GATT） to the establishment of World Trade Organization （WTO），it is actually believed that the world economy needs a kind of order and rules.Especially for economic globalization，there should be norms and regulations aimed at promoting the opening up and development of the market.In the meantime，many similar international institutions，such as the World Bank，the International Monetary Fund and the subsequent G20 Summit，have proposed many rules and regulations in promoting international trade and finance as well as the effective and orderly development of the world economy.
However，judging from the development practice of economic globalization in recent years，it still faces the following problems in theoretical and practical development: Firstly，how should we define and construct a new international political and economic order？ Especially in the face of the anti-globalization phenomenon and populist trend of thought prevalent in developed countries，how should we understand the“unreasonable” and “unfair” phenomenon in the current international economic order？ What does the “unfair” and “unreasonable” phenomenon point to？ Secondly，a related issue is the need to re-recognize and rethink the relationship between “multilateral” and “bilateral” investment and trade rules.From GATT to WTO and later TPP，we can see that in order to reduce negotiation costs，improve efficiency，and properly balance national defense interests，multilateral investment and trade rules and frameworks must be established.However，multilateral rules and mechanisms lack flexibility and elasticity objectively，which makes it difficult to fully reflect the interests of individual countries.This is the reason why the WTO Doha negotiations have repeatedly failed，and even the subsequent TPP was rejected by Trump，who believed that “the United States has made too many concessions in the multilateral system”.This is also the reason why Britain announced its withdrawal from the EU.However，if we return to the bilateral system，it will be difficult to embody fair negotiations and to form truly reasonable and fair rules and governance systems because of the unequal status between large and small countries in bilateral agreements.Therefore，we must deeply think about，evaluate and reconstruct the rules of economic globalization and its development direction.Thirdly，the reflection of globalization development and global economic governance theory.The development of globalization has brought many common problems to human beings，and international political economics has therefore raised the issue of global governance.Especially after the Second World War，there are many international institutions and organizations that aim to strengthen the operation and coordination of the world economy，including the G20 Summit platform and mechanism established since 2008，and they all focus on solving international economic imbalances and global financial risks.However，what is global economic governance？ What are the main bodies，objects，and paths of global economic governance？ What is the relationship between the global economic governance system and international geopolitical development？From the perspective of future development，can the global governance system cope with all the old and new problems people are facing in the process of globalization today？ What is the relationship between global governance and national governance？ How can we improve the global governance system and solve the problem of “governance nothingness”of some international institutional platforms and organizations？ All of these need to think and study from the perspective of international relations （not just the international economy），and from the new international political economy，and find scientific theoretical logic and practical basis.