The World Is Counting on China To Transform ‘Global Economic Governance’ at G20 Summit

An article in People’s Daily underlines the fact that the world is waiting for China to take the lead in reforming economic governance. The article by Guo Jiping was given an “abstract translation” in the Chinese edition of the paper Thursday.

In the article, Guo says that “eight years have passed since the onset of the global financial crisis, but downward pressure lingers in today’s world economy.” The G20, he writes, has an advantage as a platform in dealing with this crisis. “The world is counting on China at this critical stage of the ongoing global economic governance transformation,” Guo says.  He then goes through the four “I’s” announced by President Xi Jinping as the theme of this year’s summit: “Towards an Innovative, Invigorated, Interconnected, and Inclusive World Economy.”

With regard to innovation, Guo writes: “The world economy can only be revived by innovative technology, pro-development philosophy, new mechanisms, and fresh business modes.” “Invigoration can release development potential,” he continues. “The G20 members should stimulate economic vitality by intensifying global cooperation and accelerating domestic structural reforms, so that they can push for a more equal-footed, reasonable, and highly-efficient form of global economic governance; optimize their endogenous impetus, and thus fully release the potential of world economy.”

“Interconnection” means that “only by synergizing each country’s development with global economic growth, can resources around the world be allocated in the most optimal way.” “Inclusiveness” refers to “the responsibility of the international community to benefit people in every corner of the world with the dividends of global economic growth.” “With innovation as a priority, the Hangzhou summit will work out a G20 Blueprint on Innovative Growth and formulate action plans on innovation, the new industrial revolution and digital economy,” Guo writes. “The summit will also decide on the prioritized areas, guidelines and index system of the structural reform; deepen international financial architecture reform, and optimize the global financial security network, in order to promote the re-balancing of the world economy.”

Guo then concludes by underlining the important paradigm- shift which the summit hopes to accomplish: “Facing rising geopolitical and security challenges, the G20 Hangzhou summit will focus on international economic cooperation and lay the foundation for world stability. By inviting the most developing countries ever to attend the meeting, the meeting also aims to narrow the development gap and call for an inclusive world economy.”