Gath­er­ing syn­ergy for a new type of world econ­omy

China Daily (USA) - - ACROSS AMERICAS -

Pres­i­dent Xi Jin­ping made a cru­cial point at the Busi­ness 20 Sum­mit on Satur­day, when he said that China, as a ben­e­fi­ciary of the cur­rent in­ter­na­tional or­der, does not seek to re­write the in­ter­na­tional rule­books. In­stead, it wants to re­fine the ex­ist­ing mech­a­nisms to fa­cil­i­tate global win-win co­op­er­a­tion. His ap­peal for mul­ti­lat­er­al­ism in global gov­er­nance ex­plains why Bei­jing holds the G20 so dear.

Some peo­ple tend to read Bei­jing’s en­thu­si­asm as ea­ger­ness for se­cur­ing its foot­ing on the world stage, or an op­por­tu­nity to an­nounce its com­ing of age as a global power.

Bei­jing never con­ceals its de­sire for a greater say in global gov­er­nance— and there are plenty of China-re­lated mis­giv­ings that Bei­jing can dis­pel. But, more im­por­tantly, it boils down to its be­lief that it is im­per­a­tive to in­vig­o­rate the global econ­omy.

Com­pared with some coun­tries’ op­por­tunist ap­proach to the in­ter­na­tional fo­rum, China in­stead ap­pre­ci­ates the power of syn­ergy in global eco­nomic gov­er­nance.

The G20 is thus re­garded as a more fit­ting fo­rum for in­ter­na­tional eco­nomic dis­course than the G7 andUnit­edNa­tions, be­cause the for­mer is too ex­clu­sive and un­rep­re­sen­ta­tive of the broader world, and the lat­ter too broad and of­ten un­pro­duc­tive for han­dling the world’s eco­nomic woes.

One goal of theHangzhou Sum­mit, ac­cord­ing to Xi, is to shift the G20’s fo­cus from cri­sis re­sponse to long-term gov­er­nance.

As this meet­ing is tak­ing place amid a resur­gence of trade and in­vest­ment pro­tec­tion­ism, many doubt the group’s abil­ity to pro­duce break­throughs or col­lec­tive poli­cies at this ses­sion of the world’s lead­ing de­vel­oped and de­vel­op­ing economies.

Such con­cerns on­ly­make Bei­jing’s pro­pos­als, cen­tered on an open and in­clu­sive “new­type of world econ­omy”, more valu­able for se­ri­ous de­lib­er­a­tion by all par­ties. Be­cause the dis­ar­ray of the global eco­nomic land­scape, with each coun­try go­ing it­sown­way or even re­sort­ing to beg­gar-thy-neigh­bor ap­proaches, has an­nounced the fail­ure of uni­lat­er­al­ism.

As an old Chi­nese say­ing goes, “to cure a dis­ease, one should treat its root causes; to fix a prob­lem, one should tar­get its source”.

Be­side the global econ­omy’s wan­ing growth mo­men­tum and di­min­ish­ing po­ten­tial, the prob­lem of un­even devel­op­ment is far from be­ing re­solved, and the in­ad­e­qua­cies of the ex­ist­ing eco­nomic gov­er­nance mech­a­nisms and struc­tures have be­come in­creas­ingly ev­i­dent.

Xi urged the G20 lead­ers to pre­scribe reme­dies for the slug­gish world econ­omy to em­bark on a road of ro­bust, sus­tain­able, balanced and in­clu­sive growth while ad­dress­ing the open­ing of the G20 Sum­mit on Sun­day.

His pro­pos­als ranged from strength­en­ing co­or­di­na­tion in mar­coeco­nomic poli­cies, in­no­vat­ing growth pat­terns, im­prov­ing global eco­nomic gov­er­nance, and fur­ther­ing the lib­er­al­iza­tion and fa­cil­i­ta­tion of trade and in­vest­ment, to pro­mot­ing in­clu­sive growth.

Bei­jing’s pre­scrip­tion­s­may sound too good to be ex­e­cutable at this point, but not if theG20mem­bers, asXi called for, “work with real ac­tion with­noempty talk”.

By for­mally an­nounc­ing their com­mit­ment to join­ing last year’s Paris Agree­ment on cli­mate change right be­fore the sum­mit, Bei­jing andWash­ing­ton demon­strated whatXi de­scribed as “shared am­bi­tion and re­solve” to ad­dress global is­sues. With China and theUS “lead­ing by ex­am­ple”, asUS Pres­i­dent Barack Obama put it, rhetoric about broader co­op­er­a­tion will be more cred­i­ble than it would oth­er­wise be, and not just in emis­sions con­trol.

Any progress in that di­rec­tion at theHangzhou Sum­mit is to be wel­comed as it will help to find “a di­rec­tion and a course” for a more in­vig­o­rated and in­clu­sive world econ­omy. News: Ad­ver­tise­ment: Phone app:

15 Huixin Dongjie Chaoyang, Bei­jing 100029 +86 (0) 10 6491-8366; ed­i­tor@chi­nadaily.com.cn +86 400-699-0203; sub­scribe@chi­nadaily.com.cn +86 (0) 10 6491-8631; ads@chi­nadaily.com.cn chi­nadaily.com.cn/iphone 1500 Broad­way, Suite 2800, New York, NY 10036 +1 2

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