China releases World Openness Index, calling for more open world economy

Participants attend the press conference on World Openness Report 2022 & International Symposium on Current Situation and Prospects of World Openness during the fifth Hongqiao International Economic Forum in Shanghai, east China, Nov. 5, 2022. [Xinhua/Wang Xiang]

SHANGHAI -- The World Openness Index, gauging the openness levels of 129 economies from 2008 to 2020, was released on Saturday at the fifth Hongqiao International Economic Forum in Shanghai.

In 2020, the World Openness Index was at 0.7491, down 0.02 percent from 2019. This was mainly due to the strengthening of cross-border social isolation due to the COVID-19 pandemic.

The index, first released in 2021, was compiled by the Institute of World Economics and Politics under the Chinese Academy of Social Sciences and the Research Center for the Hongqiao International Economic Forum. It was included in the World Openness Report 2022.

The 10 most open economies in 2020 were Singapore, Germany, China's Hong Kong Special Administrative Region, Ireland, Switzerland, the Netherlands, Canada, Malta, France, and the United Kingdom, according to the index.

China's openness index jumped from 0.7107 in 2012 to 0.7507 in 2020, up 5.6 percent, and its ranking rose from the 47th to the 39th.

Meanwhile, BRICS countries and economies along the Belt and Road have opened wider, as indicated by the index. In 2020, the openness index of Belt and Road economies was at 0.7218, up 0.4 percent from 2019, and the BRICS openness index rose 0.2 percent to 0.7091 in 2020.

The United States, which was the most open economy in 2008, slid to the 23rd place.

The report noted that, amid the security challenges faced by the world, all countries should seek peace through openness and inclusiveness, promote security through win-win cooperation, and jointly create a globalized future.