China has been committed to the multilateral trading system and has brought certainty to the global economy, according to the Trade and Development Report 2025 released on Wednesday in Beijing by the UN Conference on Trade and Development (UNCTAD) and the Chinese Academy of International Trade and Economic Cooperation (CAITEC) of the Ministry of Commerce.
Focusing on issues such as trade, finance, and the reshaping of the global economic landscape, the report indicates that global trade faces challenges, as uncertainties in tariff policies and trade barriers are exerting pressure on multilateral economic and trade cooperation and posing significant risks and new challenges for developing countries.
Although trade is being reshaped amid new changes and uncertainties, over 70 percent of global trade flows still adhere to World Trade Organization (WTO) rules, according to the report.
China firmly upholds the multilateral trading system, providing certainty and stability to the world, and has consistently been a leader in the development of the Global South, said the report.
"China has made several important steps this year in particular. First of all, it has been a leading diversifier in terms of trade partners. Your premier announced at one of the summits this year that China will no longer seek special and differentiated treatment in new and forthcoming negotiations. It's an important sign and signal to others. I think bilaterally, the country has also announced zero tariffs for a lot of developing countries, in particular, from Africa to newly expanding Chinese market here. So, these are very important concrete steps to facilitate trade integration and keep the openness of major economies and overall systemic diversification going," said Anastasia Nesvetailova, director of macroeconomic and development policy branch of the UNCTAD.
The report said the global trade and finance are closely interconnected, with over 90 percent of world trade relying on global financial infrastructure. Therefore, reforming global financial governance will be a key focus in the next phase.
China upholds multilateral trading system, provides certainty to world: UN report
