Global co­op­er­a­tion can make a dif­fer­ence

China Daily (USA) - - ACROSS AMERICAS -

Glob­al­iza­tion was hailed as be­ing the path to­ward greater shared pros­per­ity. Things, how­ever, started to change at the turn of this cen­tury, and the trend of anti-glob­al­iza­tion has been gain­ing mo­men­tum.

There has been a grow­ing wave of anti-glob­al­iza­tion, anti-elitism, anti-es­tab­lish­ment and the reemer­gence of pop­ulist pol­i­tics in many coun­tries. Brexit was a blunt re­jec­tion of Europe by those in Bri­tain who com­plained about the in­flux of for­eign­ers and the lack of jobs. A sim­i­lar story can be seen across the At­lantic with the rise ofUS Repub­li­can pres­i­den­tial can­di­date Don­ald Trump, who has clearly won the sup­port of those who com­plain about job losses, the in­flux of for­eign­ers and the coun­try’s wan­ing com­pet­i­tive­ness.

And most of the world’s ma­jor economies, no­tably ad­vanced ones, are re­sort­ing to pro­tec­tion­ist mea­sures as the global eco­nomic slow­down bites harder. TheWTODoha round of ne­go­ti­a­tions has long been at an im­passe. Both pres­i­den­tial can­di­dates in theUnited States are promis­ing what would be tan­ta­mount to aUS exit from the global trad­ing sys­tem.

There are a num­ber of un­der­ly­ing causes for the anti-glob­al­iza­tion move­ment: in­suf­fi­cient macroe­co­nomic pol­icy co­or­di­na­tion among coun­tries has left the ex­ist­ing in­ter­na­tional eco­nomic and fi­nan­cial gov­er­nance sys­tem in­ef­fi­cient and in­ef­fec­tive; the slug­gish global eco­nomic re­cov­ery and slow growth are un­der­min­ing the case for open mar­kets that glob­al­iza­tion rests on; so­cial en­deav­ors, in­clud­ing poverty re­duc­tion, and bet­ter hu­man rights and la­bor stan­dards, lag be­hind across the world. More­over, the ben­e­fits of glob­al­iza­tion re­main highly con­cen­trated in a few coun­tries and among the up­per ech­e­lon of so­ci­ety.

At the same time, ter­ror­ism and po­lit­i­cal in­sta­bil­ity are slow­ing down the glob­al­iza­tion process. The sense of in­se­cu­rity that ter­ror­ism pro­vokes and the fear that lib­eral stan­dards are fa­cil­i­tat­ing ter­ror­ism and that por­ous bor­ders are al­low­ing ter­ror­ists to en­ter tar­get coun­tries have caused theUS and the mem­bers of the Euro­peanUnion to seek greater con­trol over cross-bor­der move­ments. And the spillovers of in­creas­ing geopo­lit­i­cal in­sta­bil­ity have added to peo­ple’s sense of in­se­cu­rity and prompted them to look in­ward.

How­ever, the bot­tom line is, like it or not, we all live in a glob­al­ized world. Against such a back­drop, all eyes arenow on the G20Hangzhou Sum­mit to de­liver some an­swers.

China has set an am­bi­tious agenda for the G20 Sum­mit, which has the theme of “To­ward an In­no­va­tive, In­vig­o­rated, In­ter­con­nected and In­clu­siveWorld Econ­omy”.

The sum­mit is fo­cus­ing on some of the most salient, crit­i­cal and press­ing is­sues fac­ing the world econ­omy, and ex­plor­ing newways to en­hance pol­icy co­or­di­na­tion, in­no­vate the growth model and pro­mote more ef­fi­cient global eco­nomic and fi­nan­cial gov­er­nance.

The sum­mit is set to pro­mote more ef­fec­tive global eco­nomic and fi­nan­cial gov­er­nance, as, based on the im­ple­men­ta­tion of the 2010 quota and gov­er­nance re­form of the In­ter­na­tion­alMone­tary Fund, the G20 mem­bers are work­ing on the next round of quota re­form with the aim of re­al­iz­ing it be­fore the an­nual meet­ing of theIMFin 2017.

The sum­mit is also set to re­vi­tal­ize sup­port for trade and in­vest­ment lib­er­al­iza­tion and fa­cil­i­ta­tion. It will call for mean­ing­ful progress in the Doha round ofWTOne­go­ti­a­tions and com­mit­ments to roll back on pro­tec­tion­ist mea­sures, in or­der to take full ad­van­tage of trade and in­vest­ment as two ef­fec­tive en­gines for world eco­nomic growth.

China will of­fer its ex­pe­ri­ences, wis­dom and so­lu­tions to achieve strong, balanced, sus­tain­able and in­clu­sive growth. And the G20 Ac­tion Plan on the Unit­edNa­tion’s 2030 Agenda for Sus­tain­able Devel­op­ment and the G20 Ini­tia­tive on Sup­port­ing In­dus­tri­al­iza­tion in Africa and Least De­vel­oped Coun­tries will be is­sued, demon­strat­ing a firm com­mit­ment to en­sur­ing that de­vel­op­ing coun­tries are not left be­hind in fu­ture devel­op­ment.

The sum­mit is also set to em­brace the vi­sion of a global com­mu­nity with a shared destiny, en­hance eco­nomic con­nec­tiv­ity and ex­changes among coun­tries so as to ad­dress in­equal­ity and im­bal­ance in global devel­op­ment, and en­sure that the ben­e­fits of global devel­op­ment are more eq­ui­tably shared by peo­ple of all coun­tries.

As the G20 Sum­mit with the largest par­tic­i­pa­tion of the de­vel­op­ing world, the Hangzhou Sum­mit is an­tic­i­pated to show to the world that global co­op­er­a­tion can make a dif­fer­ence and that coun­tries can work to­gether to build a com­mu­nity of shared in­ter­ests, shared re­spon­si­bil­i­ties and shared pros­per­ity. And that is what it is ex­pected to de­liver.

The sum­mit is also set to em­brace the vi­sion of a global com­mu­nity with a shared destiny, en­hance eco­nomic con­nec­tiv­ity and ex­changes ...

The au­thor is a Bei­jing-based ob­server of in­ter­na­tional stud­ies.

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