China pushes for ‘in­ter­con­nected’ growth

China Daily (Hong Kong) - - VIEWS -

The just-con­cluded G20 sum­mit sent a pos­i­tive sig­nal that the world’s ma­jor economies, of which China is a bell­wether, will push for “in­ter­con­nected” growth, en­hance eco­nomic co­op­er­a­tion and im­prove global gov­er­nance. The sum­mit, themed “Shap­ing an In­ter­con­nected World”, was held in Ham­burg, Ger­many, amid news that the global econ­omy has recorded its best per­for­mance since the 2008 global fi­nan­cial cri­sis.

China’s ideas and ini­tia­tives, ar­tic­u­lated by Pres­i­dent Xi Jin­ping in his speeches at the Ham­burg sum­mit and at a host of other in­ter­na­tional fo­rums since 2013, are deemed by many G20 mem­bers as crit­i­cal to lead­ing global “in­ter­con­nected” growth and ad­vanc­ing shared pros­per­ity.

De­ter­mined to build a com­mu­nity of shared des­tiny for hu­mankind, Xi raised in Ham­burg a set of ideas to en­sure a strong, sus­tain­able, bal­anced and in­clu­sive growth in ac­cor­dance with the spirit of last year’s G20 Lead­ers Sum­mit in Hangzhou, East China’s Zhe­jiang prov­ince.

Xi said fur­ther ac­tion is needed to push for­ward the global econ­omy as it “is still plagued by deepseated prob­lems and faces many un­cer­tain­ties and desta­bi­liz­ing fac­tors”. To build a more open world econ­omy and re­al­ize greater in­clu­sive global growth, he sug­gested that G20 sup­port the mul­ti­lat­eral trad­ing ar­range­ments and stay com­mit­ted to open­ness and mu­tual ben­e­fit so as to in­crease the size of the global eco­nomic “pie”.

On boost­ing in­clu­sive­ness, Xi said G20 mem­bers need to pro­mote syn­ergy be­tween eco­nomic and so­cial poli­cies, ad­dress the mis­match be­tween in­dus­trial up­grad­ing, knowl­edge and skills, as well as en­sure more eq­ui­table in­come dis­tri­bu­tion.

The pres­i­dent also stressed the need to im­prove global eco­nomic gov­er­nance, urg­ing the G20 mem­bers to strengthen macroe­co­nomic pol­icy co­or­di­na­tion and fore­stall risks in fi­nan­cial mar­kets.

In the face of the new global eco­nomic en­vi­ron­ment, the com­mu­niqué of the Ham­burg sum­mit ab­sorbed many of Xi’s ideas and the con­sen­suses reached at last year’s Hangzhou sum­mit.

It is worth not­ing that com­pared with the pre­vi­ous year, the world econ­omy has shown pos­i­tive signs, although risks re­main. The anti-glob­al­iza­tion wave in some coun­tries shows no sign of abat­ing, while trade pro­tec­tion­ism and iso­la­tion­ism con­tinue to gather mo­men­tum and the threat of ter­ror­ism re­mains wide­spread.

The world is also fac­ing a slew of com­mon chal­lenges such as peo­ple’s dis­place­ment, poverty, hunger, health prob­lems, un­em­ploy­ment, cli­mate change, en­ergy se­cu­rity and de­vel­op­ment im­bal­ance, which un­der­mine the sta­bil­ity and sus­tain­abil­ity of the global econ­omy. In an in­creas­ingly in­ter­con­nected world, these chal­lenges can no longer be man­aged by any one coun­try alone.

China, as the world’s sec­ond­largest econ­omy, puts a pre­mium on the cred­i­bil­ity of its in­ter­na­tional com­mit­ment. And ac­tions speak louder than words as China con­tin­ues to de­liver on its com­mit­ments, trans­lat­ing po­lit­i­cal con­sen­suses into a driv­ing force for re­form and de­vel­op­ment.

A case in point is China’s lead­ing role in ad­dress­ing the steel over­ca­pac­ity. With sup­ply-side re­form be­ing im­ple­mented unswerv­ingly, China’s eco­nomic growth is on a sta­ble track. The up­grad­ing and trans­for­ma­tion of China’s econ­omy will help it be­come a strong en­gine of the world econ­omy.

China is also ac­tively pro­mot­ing and im­ple­ment­ing var­i­ous po­lit­i­cal con­sen­suses within the G20 frame­work. Ac­cord­ing to a re­search re­port, as of now, 80 per­cent of the con­sen­suses reached at the Hangzhou sum­mit have been im­ple­mented, the sec­ond-high­est rate since G20’s first sum­mit in 2008.

Ac­cord­ing to the G20 Ham­burg Ac­tion Plan, China will take more mea­sures to im­prove its busi­ness en­vi­ron­ment, fur­ther fa­cil­i­tate in­vest­ment, and re­duce the bur­den on small and medium-sized en­ter­prises.

As Xi re­it­er­ated at the Ham­burg sum­mit, con­cepts such as open­ness, co­op­er­a­tion, win-win re­sults, joint con­sul­ta­tion, joint con­struc­tion and shar­ing, which the Belt and Road Ini­tia­tive ad­vo­cates are com­pat­i­ble with the G20’s part­ner­ship spirit. And be­ing com­ple­men­tary, they can jointly boost world eco­nomic de­vel­op­ment.

Pro­posed by Xi in 2013, the Belt and Road Ini­tia­tive is aimed at build­ing trade and in­fra­struc­ture net­works con­nect­ing Asia with Europe and Africa. The ini­tia­tive com­prises the Silk Road Eco­nomic Belt and the 21st Cen­tury Mar­itime Silk Road.

It is there­fore clear that stand­ing at a new start­ing point, China will play a greater role in shap­ing an in­ter­con­nected world.

... stand­ing at a new start­ing point, China will play a greater role in shap­ing an in­ter­con­nected world.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.