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Opinion Op Ed 29 Nov 2018 New era calls for a ...
The writer is the foreign minister of China, and a PRC state councilor

New era calls for a new lead role for G-20

Published Nov 29, 2018, 7:27 am IST
Updated Nov 29, 2018, 7:27 am IST
Over the past decade, G-20 leaders have been meeting regularly to steer the world economy.
Ten years ago, the financial meltdown that started from Wall Street in New York plunged global markets and the international community into deep panic.
 Ten years ago, the financial meltdown that started from Wall Street in New York plunged global markets and the international community into deep panic.

This year marks the 10th anniversary of the global financial crisis. Ten years ago, the financial meltdown that started from Wall Street in New York plunged global markets and the international community into deep panic. At that critical juncture, leaders of the 20 largest economies representing over 80 per cent of global output came together. Through equal dialogue and coordinated actions, they brought the world economy which was rapidly sliding to the brink back to the track of stability and growth, and that represented the start of the G-20 Summit.

Over the past decade, G-20 leaders have been meeting regularly to steer the world economy. From stabilising the market and restoring confidence to promoting reforms and addressing future challenges, the G-20, as the premier forum for international economic cooperation, has played a leading role in all different aspects of global economic governance. Nevertheless, as we gradually put the global financial crisis behind, some people seem to get the impression that G-20 cooperation is no longer urgent.

 

Is it true that the G-20 has accomplished its historical mission and become less important? The answer is no. The world is suffering from economic shocks brought about by rising unilateralism and protectionism, and the developing countries are increasingly affected by the negative spillovers of shifting monetary policies of the developed economies. Fundamental challenges facing the global economy, including insufficient drivers of growth, inadequate global economic governance and unbalanced development are yet to be effectively resolved. Moreover, economic and trade tensions are spreading rapidly to the political and security fields, which is not good news for world peace and stability.

A new decade calls for new leadership from the G-20. The G-20 must demonstrate leadership in upholding multilateralism. Multilateralism has proven to be an effective means for improving global governance, tackling common challenges and achieving collective development. The multilateral trading regime with the World Trade Organisation at its core, a key component of multilateralism, should be strengthened rather than weakened.

At the same time, the G-20 needs to be mindful of the side effects and negative impacts of new technologies on the economy, the society and people’s life, and help the world economy achieve growth of higher quality.

Such leadership requires a spirit of partnership among G-20 members. The coming G-20 Summit in Buenos Aires will be closely watched worldwide as it explores new ways to advance international economic cooperation under new circumstances. China is celebrating the 40th anniversary of its reform and opening up this year. We will remain a staunch supporter, defender and contributor to multilateralism and to an open world economy. We are ready to step up cooperation with all parties to boost confidence in the world economy and contribute our share to common development.

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