Experts urge more cooperation, oppose fragmentation at Bund Summit

Leading economists and former central bank governors have voiced their support for a more cooperative approach between China and the United States, as well as opposition to fragmentation, at the 2024 Bund Summit.

Fred Bergsten, senior fellow and director emeritus at the Peterson Institute for International Economics, urged greater cooperation between the United States and China, especially on clean energy and artificial intelligence.

Speaking via video link, Robert Rubin, former U.S. treasury secretary, said there are tremendous and important opportunities and issues for the United States and China to work on together.

"(We need to) recognize there's something we just can't agree on and put those aside and try to deal with those as best as we can in the context of overall cooperative relationship," said Rubin.

At the summit, Jean-Claude Trichet, former president of the European Central Bank, voiced his opposition to fragmentation and decoupling.

"We should not forget that the global value chains contributed vastly to the prosperity of the global economy over the last 30 or 40 years," said the veteran central banker, adding that this is one reason why the European people, in particular, are against the concept of decoupling.

The 2024 Bund Summit, themed "Navigating a Changing World," is being held in Shanghai from Sept. 5 to 7. This year's summit gathered former central bank governors, leading economists, and business leaders, among others from across the world.