China puts its stamp on global gov­er­nance at G20 Sum­mit

China Daily (USA) - - G20 2016 CHINA -

The cer­e­monies, hand­shakes, meet­ings and speeches, ban­quets and per­for­mances of this year’s G20 Sum­mit have now come to an end. In fact, they ended onMon­day af­ter the lead­ers of the world’s 20 ma­jor economies met in­Hangzhou, East China’s Zhe­jiang prov­ince, and a long list of agree­ments were signed.

But these were not the be-all and end-all of the 2016 G20, as it is likely to have a last­ing legacy in in­ter­na­tional re­la­tions, with China leav­ing its stamp on the G20 as a mech­a­nism to co­or­di­nate fu­ture ac­tions by the world’s lead­ing economies.

China’s con­tri­bu­tion to the 2016 G20 has been sig­nif­i­cant in twoways.

First, China has demon­strated unswerv­ing com­mit­ment to glob­al­iza­tion, more specif­i­cally to de­fend­ing free trade and cross-bor­der in­vest­ment and busi­ness co­op­er­a­tion, de­spite the fact that it can no longer eas­ily in­crease its own ex­ports by re­ly­ing on low-cost la­bor, and that many pro­cess­ing op­er­a­tions for­merly based in China have re­lo­cated else­where.

Amid grow­ing calls for pro­tec­tion­ism world­wide, pes­simism about the fu­ture, and fear of shar­ing op­por­tu­ni­ties with for­eign­ers, China un­der­stands that it must set an ex­am­ple by work­ing with other coun­tries to de­fend the ex­ist­ing global mar­ket sys­tem.

Just as Pres­i­den­tXi Jin­ping told the del­e­gates at the Busi­ness 20, a side­line ses­sion of the G20 Sum­mit, on Satur­day, rather than over­turn­ing the ex­ist­ing sys­tem, what China wants is to ex­pand the global mar­ket sys­tem, to make it in­clude more na­tions, more work­ers and more en­trepreneurs.

China has also cau­tioned against at­tempts to seek self-pro­tec­tion, and po­lit­i­cally de­fined small­cir­cle games, since they tend to re­write the rules for the global sys­tem and worsen the prob­lems plagu­ing the world econ­omy. On Sun­day, Xi again called on the G20 mem­bers to con­tinue to pro­mote the lib­er­al­iza­tion and fa­cil­i­ta­tion of trade and in­vest­ment.

Sec­ond, China’s con­tri­bu­tion has also been sig­nif­i­cant in the way the G20’s agenda has been aligned with the long-term goals and pro­grams set out by theUnit­edNa­tions. China has con­trib­uted sub­stan­tial con­tent to af­fect this, in­clud­ing its ef­forts to nur­ture co­op­er­a­tion among the emerg­ing mar­ket economies and invit­ing more lead­ers from de­vel­op­ing na­tions to par­tic­i­pate in the G20 process, as well as the pro­posal for a com­mon e-com­merce plat­form for small and medium-sized en­ter­prises across the world.

To brave the rough wa­ters of the world econ­omy and start a newjour­ney for fu­ture global growth, the G20 should not only help the world co­or­di­nate ef­forts to deal with emer­gen­cies, as was its orig­i­nal pur­pose fol­low­ing the on­set of the global fi­nan­cial cri­sis, it should also fo­cus on long-term gov­er­nance. It should ad­dress both the symp­toms and root causes of the world’s eco­nomic prob­lems with real ac­tions, so as to spread op­por­tu­ni­ties where there are fe­wor none.

In anti-glob­al­iza­tion, anger and di­vi­sive­ness hold sway. Glob­al­iza­tion, on the other hand, re­quires peo­ple from dif­fer­ent coun­tries to ex­change views, com­pare notes and learn from one an­other.

How­ever, the G20 mem­bers can do more than just talk. They can gen­er­ate more trade and cross-bor­der in­vest­ment deals, show­case more in­no­va­tions, pro­vide more ser­vices, and ex­tend help to more poor peo­ple and un­der-de­vel­oped na­tions. In the process, the G20 can be­come more im­por­tant by find­ing “a di­rec­tion and a course for the world econ­omy with a strate­gic vi­sion”, as Xi has urged. In this way it can help re­al­ize peo­ple’s com­mon as­pi­ra­tions for sus­tain­able, balanced and in­clu­sive growth. News: Sub­scrip­tion: Ad­ver­tise­ment: Phone app:

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