On June 15, a session of the Valdai Discussion Club titled “The New World Economy – Not Global, But Interconnected” took place as part of the St. Petersburg International Economic Forum 2023. Panelists discussed the establishment of a new world economic system amid the Ukraine crisis, the changing roles of the East and the West, and of the Global South and North in the world economy, and the opportunities and challenges for countries and regions. Gong Jiong, a China Forum expert and vice president for research at UIBE Israel, was invited to give a keynote speech.

The world trade is undergoing structural changes: cracks are appearing in the current dollar-based system, a multipolar monetary system is emerging, and the US dollar is no longer unassailable, said Professor Gong. The ongoing restructuring of global trade and the de-dollarization of the international monetary system will be a long yet unstoppable and irreversible process, he noted.

The session, moderated by Fyodor Lukyanov, research director of the Valdai Discussion Club, also featured Andrey Belousov, first deputy prime minister of the Russian Federation; Eldor Aripov, director of the Institute of Strategic and Regional Studies, Uzbekistan; Benedict Weerasena, scientific director of the Bait Al Amanah think tank, Malaysia; and Arvind Gupta, head and co-founder of the Digital India Foundation.

The Valdai Discussion Club aims to deliver a qualified and objective assessment of global political and economic issues and promote dialogue among the global intellectual elite in order to find solutions to overcome the crises of the international system. Its annual meeting has become one of the most influential international gatherings.