G20 game plan

Ac­tion, in­clu­sive­ness, fore­sight all on Xi’s agenda

China Daily (USA) - - FRONT PAGE - By LI YANG liyang@chi­nadaily.com.cn

Ac­tion, in­clu­sive­ness and fore­sight are all stressed by China’s cur­rent lead­er­ship in do­mes­tic gov­er­nance, and those qual­i­ties are poised to in­flu­ence next month’s G20 sum­mit in Hangzhou, the cap­i­tal of Zhe­jiang prov­ince, mak­ing it a mile­stone event for global growth, de­vel­op­ment and re­form.

China hopes to trans­form the G20 meet­ing from a caseby-case, so­lu­tion-seek­ing sum­mit into an in­sti­tu­tional longterm mech­a­nism for on­go­ing de­bate.

On Mon­day, the For­eign Min­istry for the first time re­vealed the de­tailed agenda for the up­com­ing sum­mit, and also Pres­i­dent Xi Jin­ping’s busy sched­ule dur­ing the two-day event, whenhe will pre­side over more than 10 ma­jor ac­tiv­i­ties.

It will be the first time China has hosted the event, and Xi’s to-do list is indica­tive of its sig­nif­i­cance.

Since 2013, Xi has at­tended three G20 meet­ings — in the Rus­sian city of St Pe­ters­burg, Bris­bane in Aus­tralia and An talya, Turkey—but the Hangzhou meet­ing will un­doubt­edly be the most im­por­tant for him.

Un­der the theme “Build­ing an In­no­va­tive, In­vig­o­rated, In­ter­con­nected and Inclusive World Econ­omy”, the Hangzhou sum­mit will fo­cus on crit­i­cal is­sues in global growth and de­vel­op­men­tal re­form.

In­no­va­tion, the new in­dus­trial revo­lu­tion and the dig­i­tal econ­omy will ap­pear on the agenda for the first time. More im­por­tant, fol­low­ing a pro­posal by China, a num­ber of spe­cial work­ing teams have been es­tab­lished on these spe­cific top­ics to su­per­vise and co­or­di­nate the im­ple­men­ta­tion of pos­si­ble ac­tion plans and pro­pos­als.

Since the G20 first met in Wash­ing­ton in 2008, lead­ers at­tend­ing the sum­mits have passed many pro­pos­als and adopted a num­ber of ac­tion plans. Still, prob­lems re­main for the global econ­omy.

It takes time for some reme­dies, such as the re­form of global gov­er­nance, to take ef­fect, but some pre­vi­ous pre­scrip­tions, although tem­po­rar­ily ef­fec­tive in boost­ing growth, have proved to be of lit­tle use in main­tain­ing sus­tain­able de­vel­op­ment.

For ex­am­ple, lead­ers of a num­ber of de­vel­oped economies have con­stantly pledged to strengthen co­or­di­na­tion in for­mu­lat­ing and im­ple­ment­ing macroe­co­nomic and fi­nan­cial poli­cies, and have also re­sisted grow­ing calls for pro­tec­tion­ism in the wake of the 2008 fi­nan­cial cri­sis.

How­ever, some­times the pledges have re­sulted in lit­tle con­crete ac­tion.

The glob­al­iza­tion of the world econ­omy means de­ci­sive growth fac­tors are more con­cen­trated in the de­vel­oped economies, and de­vel­op­ment ap­pears more ex­clu­sive than inclusive; about 12.5 per­cent of the global pop­u­la­tion still lives in poverty.

To ad­dress these prob­lems, China last month hosted the first G20 trade min­is­ters’ con­fer­ence in Shang­hai, and es­tab­lished a foun­da­tion for in­sti­tu­tional plat­forms for meet­ings of trade min­is­ters.

China pushed the G20 to make global in­vest­ment a guid­ing prin­ci­ple this year, which will evolve into the first mul­ti­lat­eral in­vest­ment reg­u­la­tion frame­work. Those ef­forts should fa­cil­i­tate global in­vest­ment and trade.

These en­deav­ors, and oth­ers, will help to turn the G20 into a long-term mech­a­nism for the so­lu­tion of global is­sues. The G20 is by no means just a club of 20 world pow­ers strut­ting their res­o­lu­tions, but the premier global fo­rum for ac­tion and so­lu­tions.

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