by Wang Haifeng

By March 2020， Chinas fight against COVID-19 had achieved early success. Economic activities and daily life have gradually returned to normal. However， the virus is now making its way throughout the world， with numerous infections reported in many countries and regions including Italy， Iran， Europe and North America. The pandemic triggered panic in the global market. Oil prices and stock prices plummeted， which forced major economies to inject liquidity into the market and introduce fiscal policies to spur economic growth. Against this backdrop，Chinas economic development is facing unprecedented challenges and uncertainty. History has shown that Chinas strongest weapons to address crises and overcome difficulties are expanding the reform and opening up， strengthening international cooperation， actively participating in globalization， and building a community with a shared future for humanity. These have also been Chinas most effective weapons in the war with the coronavirus.

Globalization has helped the international community strengthen coordination and pool resources to address public health emergencies of international concern. Since the turn of the 21st century， humans have suffered outbreaks of severe acute respiratory syndrome （SARS）， avian influenza A （H5N1）， Middle East Respiratory Syndrome （MERS）， swine flu （H1N1） and Ebola. Global multi-polarity， trade liberalization， investment facilitation， financial internationalization， social informatization and cultural diversity have enabled the production， supply， consumption， and services of various economies to be closely interconnected， with all countries sharing the dividends of globalization. At the same time， different economies need to face global risks together in realms such as politics， economics， finance， society， environment and public health.

Globalization requires international organizations such as the United Nations， the International Monetary Fund， the World Trade Organization， the World Bank， and the World Health Organization（WHO） to enhance overall coordination. All countries， especially major economies， should strengthen dialogue， coordination and cooperation based on equality and mutual benefits. Globalization， informatization， digitization， and artificial intelligence have significantly enhanced human ability to cope with public health emergencies of international concern.

The COVID-19 pandemic， which broke out in early 2020， has caused more destructive impact on the world than any other public health emergency since World War II. The whole world is now at war with a hidden enemy. Facing a common foe， all countries need to become allies to address the great challenge. Wuhan successfully contained the spread of the virus in the first quarter of 2020 thanks to strong overall coordination by Chinas central government and solid support from all local governments and people as well as considerable help from the international community， international organizations and overseas Chinese people.

Now， several economies including Italy， the United States， Spain and Germany need both strong internal measures and international coordination and support. While strengthening domestic epidemic control efforts， China has enhanced its cooperation with the WHO. It has provided robust assistance for other hard-hit countries by dispatching expert teams， providing technological support and shipping testing kits and protective gear. Such moves testify to Chinas open mind towards promoting the building of a community with a shared future for humanity.

The coronavirus pandemic has forced every major economy to take measures to restrain flow of people to the greatest extent. Many countries have issued travel warnings， strengthened border controls and asked residents to stay home. Some countries have shut down international flights. Private consumption and the service sector， two major drivers of the global economy， have been hit hard. Countless enterprises are facing existential crises， and jobless claims have surged. While revenues of many governments have shrunk， they are increasing financial assistance and support for economic development and continue injecting liquidity into the market. The debt ratios of both the public and private sectors will continue to rise. A global economic recession appears inevitable after the pandemic spread around the world.

More than a decade has passed since the 2008 global financial crisis. The disruption of the COVID-19 pandemic may force the global economy to endure a hard landing. The world economy in 2020 may be even more precarious than in 2008 and 2009 and face more uncertainties. International cooperation played a central role in lifting the world out of the once-in-a-century financial crisis in 2008. In the face of the pandemic， countries around the world need to find the courage to unite together and strengthen cooperation rather than blaming and pointing fingers at each other. This is the only way to seize the earliest opportunity to defeat the disease.