The new Covid-19 variant, Omicron, is throwing a wrench into the recovery of an already strained global supply chain.

The 20th anniversary of China’s accession to the World Trade Organization on December 11 has once again highlighted long-standing debates about how well China has lived up to its WTO obligations, and whether any deviation from its commitments boosts or slows its economic growth. This discussion affects many countries’ views on whether the current global trading system should be built up or pulled down.

Containment or isolation of the Chinese economy makes little sense because it means all countries will lose out from the reversing of globalization.

The global pandemic’s impact on the economy was an issue that governments worldwide had to deal with, amid changing ways that people manage their money. Digital currency may be the next avenue for market stimulation in China, and beyond.

China’s friction with the West has led to retaliatory economic jabs in going both directions, yet for all the posturing and saber-rattling, trade between China and its Western partners is not easily replaced.

China’s record 1st quarter performance will accelerate momentum and support global economic prospects. But new trade wars could once again derail global recovery.

The strengthening of the economy also means growing attractiveness for global investors. During the first quarter of 2021, FDI inflows to China accelerated tremendously, and there are good opportunities for U.S. investors, with no chance to lose.

While the agreement would help combat some long-standing global problems, it would also curtail many countries’ competitiveness and undermine their tax sovereignty in the long run.

The OECD is projecting an uneven K-shaped economic recovery from the pandemic in 2021. Richer countries with more extensive vaccine rollouts that can afford to reopen and reflate their economies will do so. Poorer economies will struggle to stay healthy and avoid debt crises. But the mantra that “no one is safe until everyone is” highlights the need to spread health, wealth, and self-respect to all. An increasingly prosperous China can and should play a central role in this effort.

The post-pandemic era provides paths that, if followed, will catapult the country into first place globally by mid-century. It will open wider, increase cooperation with international partners and make even greater contributions to the world economy.