Belt and Road Initiative provides new approach for G20
BEIJING - As one of two major platforms in the world, the Belt and Road Initiative proposed by China is expected to facilitate G20 summit in propelling the world economic development.
Heads of state and government are gathering this weekend in Hamburg, Germany, to discuss improvement of global governance at the G20 summit, which focuses on economic growth, international trade and financial market regulations. China successfully held the G20 Hangzhou Summit in 2016 and in May this year the country launched the Belt and Road Forum for International Cooperation in Beijing. The forum injected a fresh impetus into the rebalance of globalization, and made new contributions to the joint construction of a community of shared destiny for mankind, as Chinese Foreign Minister Wang Yi put it on May 24 in Beijing. Wang said that the G20 is the most significant platform for global economic governance, while the joint construction of the Belt and Road is the most influential initiative with the largest scale in the contemporary world. Proposed by Chinese President Xi Jinping in 2013, the Belt and Road Initiative, comprising the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along and beyond ancient trade routes. The initiative, which embraces the spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit, has gained broad support from more than 100 countries and international organizations. Despite certain differences in the form and content, there are many similarities and connections in concepts and goals among relevant parties, Wang said. The Belt and Road Initiative is committed to facilitating all countries to reinforce the alignment of development strategies and policy coordination, so as to form cooperation with coordinated development, which is in line with the G20’s goal of promoting global macroeconomic policy coordination, the Chinese minister said. Meanwhile, policy uncertainties in the developed countries, instability in the emerging markets, and conflicts spilling over from the Middle East posed challenges to global governance which needs a new approach to promote cooperation.
The initiative proposes to enhance infrastructure connectivity, unimpeded trade and financial integration, whereby tapping into new driving force for world economic growth and coping with major challenges facing the global economy. The notion of the initiative also coincides with the G20’s goal of facilitating the vigorous and sustainable growth of the world economy. As the world economic growth continues to falter at present, protectionism rises in some countries, threatening the fragile recovery. The initiative’s advocation of constructing an open world economy, implementing the 2030 Agenda for Sustainable Development and addressing the problem of uneven global development echoes the G20’s endeavor to reinforce global economic governance, Wang said.
(Xinhuanet.com)