(Yicai Global) Oct.17 -- Yicai Global, the English-language arm of leading Chinese news outlet Yicai Media Group, held its fourth annual New York Forum with the theme of "Innovation and Opening-Up -- The Future of Global Economies and Trade" in the US yesterday.

The event assembled leading global economists and key figures from the financial and economic sectors to exchange views on the developments made through 40 years of Chinese reforms and opening-up, and it also covered the future prospects for the global economy and trade.

Vice-chairman of Kissinger Associates and former Under-Secretary of State for the Obama Administration Robert Hormats indicated that the US needs friends on a global level including China if it is to accomplish its goals. "If the global trading system deteriorates, both countries suffer," he said.

"[Trade conflicts] didn't just spring up in the last two years, it's also important to realize one single negotiation or one single trade deal won't solve the problem," he added. "In Pence'sspeech, he said that China has succeeded over the past 25 years because of American trade. China's success in the past is based in the hard work of its own people and innovations."

While talking about the intellectual property issues, Hormats said, "China is doing a great deal to advance their technology with a lot innovation, a lot research and development and lot of very skilled people.

"China develops its own intellectual property and builds up its role in global technology," he added. "It wants intellectual property protection too, just as American companies and the government want intellectual property protections as well."

During a roundtable panel on trade and globalization, Yale University Senior Fellow Stephen Roach indicated that the decline in manufacturing jobs in the states has been happening since World War Two and the problem has gone far beyond globalization.

In relation to the US-China trade spat, Roach said that a compromise is possible, though unlikely in the short-term. Ultimately it will be a downturn in companies' earnings reports that will lead to more negotiation between countries, chief US economist at Bloomberg Economics Carl Riccadonna said, while Cheung Kong Graduate School Professor of Finance Huining Cao added that there is no winner in a trade war.

Other speakers at the event included former Morgan Stanley Asia Chairman and senior vice president of Nasdaq's listing services unit Robert H. McCooey, Jr. and Ethan Harris, co-head of global economics research at Bank of American Merrill Lynch Global Research.

The forum also hosted the "Amazing Shanghai" photo exhibition, which displayed over 20 images taken by domestic and foreign photographers of the eastern Chinese hub. Shanghai will also host the inaugural China International Import Expo from Nov. 5 to Nov. 10. More than 2,800 enterprises from all over the world will descend on the city to showcase new products and technologies, also reflecting the importance of cooperation in global trade.

Yicai Global has established itself as a Chinese media brand with certain influence globally in the fields of finance and economy since its launch in 2016 and is an important arm for Yicai Media Group's internationalization. It has successively hosted four forums in New York, inviting various leaders in the global financial and economic sectors.