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Contributing to Global Governance
Editorial | NO. 29 JULY 20, 2017

The 12th G20 Summit, held in Hamburg, Germany, produced a communiqué which fully absorbed the suggestions put forward by Chinese President Xi Jinping and also carried forward the consensus reached during last year's summit in Hangzhou. This is another example of Chinese wisdom contributing to global governance.

The key points of Xi's propositions were to strengthen G20 members' cooperation, promote world economic growth and improve global economic governance. Xi pointed out that world economic development should be guided by principles like openness and development, mutual benefit and win-win results, and inclusiveness and collaboration. Innovation, collaboration, reform and risk prevention should support global economic growth. A spirit of partnership must be advocated to maintain solidarity and cooperation among G20 members. Xi's propositions fully display China's broad vision as a responsible power.

In the wake of the global financial crisis in 2008 and also the subsequent sovereign debt crises in Europe, the world's economy has shown good momentum thanks to concerted efforts by the international community in overcoming various difficulties.

The International Monetary Fund predicted that global economic growth this year is expected to reach 3.5 percent, which will be the highest level in recent years. This is a result of joint efforts by all countries.

Current international economic and social developments imply that the human race is experiencing an era of tremendous development, transformation and adjustment. Mankind lives in a community of common destiny, in which everyone has a little bit of others in him or herself. Deficits in peace, development and governance pose daunting challenges to our species' future. Therefore, global governance is a joint effort, and we will never allow populism or selfishness to hinder globalization and damage the hard-won, upbeat economic situation of today.

President Xi has pointed out that the G20 must remain committed to openness and mutual benefit for all, so as to increase the size of the global economic "pie." Member states should continue to improve macroeconomic policy coordination, reform international financial institutions, tighten international financial regulation and combat tax avoidance. Particularly, we should forestall risks in financial markets and develop financial inclusion and green finance to make the financial sector truly drive the development of the real economy.

The communication and exchanges of views between heads of state and leaders of international institutions help push forward the development of the international financial architecture, among other things. The summit has sent a strong signal to step up international economic cooperation and global economic governance. Surely, it will lead to a better environment for world economic growth.

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