Bet­ter world econ­omy needs con­certed co­op­er­a­tion

China Daily (Hong Kong) - - COMMENT -

At the G20 Lead­ers Sum­mit in Hangzhou last year, the lead­ers of ma­jor in­dus­tri­al­ized and de­vel­op­ing coun­tries reached a con­sen­sus that they would play a lead­ing role in push­ing for more in­clu­sive and sus­tain­able global growth, fur­ther lib­er­al­ize trade and in­vest­ment, and strive to im­prove global gov­er­nance. Now, as the lead­ers gather in Ham­burg, Ger­many, for their sum­mit on Friday and Satur­day, they should be pre­pared to find prac­ti­cal ways to achieve those ob­jec­tives, as the world ur­gently needs ef­fec­tive so­lu­tions to many press­ing chal­lenges.

Not least the fact that global growth re­mains ob­sti­nately slug­gish and un­bal­anced nine years af­ter the on­set of the dev­as­tat­ing global fi­nan­cial cri­sis, with pol­i­cy­mak­ers in de­vel­oped economies and de­vel­op­ing na­tions alike strug­gling with grow­ing debt, cur­rency fluc­tu­a­tions, and the ad­verse ef­fects of cap­i­tal flows. Even worse, anti-glob­al­iza­tion and pop­ulist sen­ti­ment have be­come more ev­i­dent in many coun­tries.

Ger­many, the host of this year’s G20 Sum­mit, is a firm cham­pion of free trade and in­vest­ment and it has taken the lead in com­bat­ing the anti-glob­al­iza­tion wave in Europe. And as the cur­rent chair of the G20, it can seek to guide those at­tend­ing the meet­ing to bridge their dif­fer­ences and push for­ward the im­ple­men­ta­tion of the global agenda as agreed.

China, as the largest de­vel­op­ing coun­try and the most im­por­tant con­trib­u­tor to global growth, is of­fer­ing Ger­many its full sup­port in this en­deavor. Meet­ing with Ger­man Chan­cel­lor An­gela Merkel on Wed­nes­day, Pres­i­dent Xi Jin­ping said China ap­pre­ci­ates Ger­many up­hold­ing the con­sen­sus reached in Hangzhou, and promised China’s sup­port so the meet­ing in Ham­burg can achieve pos­i­tive re­sults.

With the two coun­tries play­ing an ex­em­plary role in striv­ing to ad­vance the nec­es­sary global agenda, it is hoped that other coun­tries will join hands to work out fea­si­ble and ef­fec­tive reme­dies for the world’s ills.

The United States, as the world’s largest econ­omy and its most im­por­tant fi­nan­cial power, should not re­lin­quish its re­spon­si­bil­ity to help en­sure the global econ­omy re­cov­ers its health. In an in­ter­con­nected world, pro­tec­tion­ism and iso­la­tion will not re­duce the US’ own eco­nomic woes, but rather risk its own eco­nomic strength and un­der­mine its cred­i­bil­ity as the world’s leader.

The world is un­der­go­ing pro­found changes and ma­jor ad­just­ments. As the premier fo­rum for di­a­logue, com­mu­ni­ca­tion and co­or­di­na­tion among the world’ s ma­jor economies, the G20 can lead the way for­ward by de­liv­er­ing on the con­sen­sus agreed in Hangzhou and pro­mot­ing the trends of multi-po­lar­ity, glob­al­iza­tion and sus­tain­abil­ity.

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