• Com­ment

China Daily (USA) - - FRONT PAGE - WANG YIWEI The au­thor is a pro­fes­sor of in­ter­na­tional re­la­tions at Ren­min Univer­sity of China.

De­liv­er­ing a speech at the in­au­gu­ra­tion of the two-day G20 Sum­mit on Sun­day, Pres­i­dent Xi Jin­ping em­pha­sized that all G20 mem­bers “face the prob­lems squarely” and de­liver “real ac­tion” not “empty talk” as they seek to re­sus­ci­tate the global econ­omy. The pre­scrip­tion, as he said in his Satur­day speech at the B20 Sum­mit, lies in the joint ef­forts to build an in­no­va­tive, open, in­ter­con­nected and in­clu­sive world econ­omy.

Al­though China stands at “a new start­ing point”, it re­mains com­mit­ted to deep­en­ing re­forms in an all-round man­ner, pur­su­ing an in­no­va­tion-driven devel­op­ment strat­egy and green growth, de­liv­er­ing more benefits to the peo­ple, and in­creas­ing its in­ter­ac­tions with the rest of world, Xi said.

Xi’s two key­note speeches are per­fect ex­am­ples of China’s in­creas­ing con­tri­bu­tions to global eco­nomic gov­er­nance. In other words, the coun­try is us­ing its pur­suit of re­form and open­ing-up to add fresh mo­men­tum to glob­al­iza­tion, as well as the struc­tural re­form of the world econ­omy.

Fif­teen years after it joined the World Trade Or­ga­ni­za­tion, China has com­pleted the process of in­te­grat­ing into the global mar­ket; China and the rest of the world are today highly in­ter­de­pen­dent. The just con­cluded G20 Sum­mit in Hangzhou, East China’s Zhe­jiang prov­ince, was China’s lat­est at­tempt to pro­vide both tan­gi­ble and in­tan­gi­ble pub­lic good for the in­ter­na­tional com­mu­nity.

Since the global fi­nan­cial cri­sis broke out in 2008 China has been the most pow­er­ful lo­co­mo­tive of the world econ­omy, con­tribut­ing about one-third of the post-cri­sis global growth. That is al­most dou­ble the con­tri­bu­tion of the United States, the world’s largest econ­omy.

To fa­cil­i­tate the im­ple­men­ta­tion of the Sus­tain­able Devel­op­ment Goals agenda and en­sure they are achieved by 2030, as pro­posed by the United Na­tions, Bei­jing is mak­ing prepa­ra­tions for the As­sis­tance Fund for SouthSouth Co­op­er­a­tion and will con­trib­ute $2 bil­lion to it in the ini­tial stages. It will also keep in­vest­ing in less de­vel­oped coun­tries, while ex­empt­ing the least de­vel­oped coun­tries from re­pay­ing the debts due at the end of last year.

On the in­sti­tu­tional front, the Bei­jing-led Belt and Road Ini­tia­tive, Asian In­fra­struc­ture In­vest­ment Bank and BRICS New Devel­op­ment Bank can play im­por­tant parts in op­ti­miz­ing global gov­er­nance. The AIIB has pro­posed a newap­proach— of lean, clean and green gov­er­nance — and the Belt and Road pro­grams are aimed at im­prov­ing re­gional con­nec­tiv­ity in or­der to pro­mote peace­ful co­op­er­a­tion, in­clu­sive­ness and mu­tual ben­e­fit.

High ex­pec­ta­tions have been placed on China as the US im­ple­ments its “re­bal­anc­ing to Asia” strat­egy and the Euro­pean Union faces mul­ti­ple crises— from ris­ing ter­ror­ist at­tacks to lack­lus­ter growth and the in­flux of refugees.

China is ex­pected to live up to its rep­u­ta­tion as G20 chair for this year by co­op­er­at­ing with other mem­bers to make global gov­er­nance sus­tain­able and ef­fi­cient, es­pe­cially be­cause of the ris­ing anti-glob­al­iza­tion wave even in the West. For ex­am­ple, Don­ald Trump, the Repub­li­can can­di­date for the US pres­i­den­tial elec­tion, has vowed to im­pose un­rea­son­ably high tar­iffs on Chi­nese goods if elected to the White­House, and blamed glob­al­iza­tion for unem­ploy­ment and the se­cu­rity prob­lems in the US. And he is not the only West­ern politi­cian who thinks that way.

In such a po­lit­i­cal and eco­nomic back­drop, the G20 Sum­mit has en­dorsed ef­fi­cient global gov­er­nance so that some de­vel­oped economies don’t re­live the past of the G8 gov­er­nance, which is partly re­spon­si­ble for the frag­mented world trade or­der. Xi’s speeches at the G20 and B20 sum­mits have made the global gov­er­nance mis­sion clear. And the rat­i­fi­ca­tion of the Paris Cli­mate Agree­ment by China and the US in Hangzhou on Satur­day and their re­cent bi­lat­eral deals point to a promis­ing start for the ful­fill­ment of that mis­sion.

China is ex­pected to live up to its rep­u­ta­tion as G20 chair for this year by co­op­er­at­ing with other mem­bers to make global gov­er­nance sus­tain­able and ef­fi­cient ...

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