A change in perspective needed

    Updated: 2013-09-04 00:33

    (China Daily)

      Print Mail Large  Medium  Small    

    G20 leaders need to switch focus from developed countries to promote economic recovery and global governance reform

    Four issues will be in the spotlight at the upcoming G20 summit in St. Petersburg, Russia: boosting confidence in global economic growth, promoting reform of global governance, increasing unity and cooperation among developing countries, and evaluating China's economic growth trend.

    The G20 emerged in response to the unprecedented 2008 international financial crisis, with its top priority promoting global economic growth. Over the years, thanks to the United States' fiscal cliff and the debt crisis in Europe, the G20 has paid more attention to economic recovery in developed countries. However, at this summit, the focus should switch from the developed world to developing countries, especially to emerging economies.

    The US Federal Reserve introduced its quantitative easing without any consideration of the adverse effects it would have on other economies. Now it has indicated that it will gradually withdraw from its quantitative easing, it should listen to the opinions of others, especially those emerging economies with uncertain economic prospects.

    The leaders gathering in St. Petersburg should come up with a solution that not only boosts market confidence, but also takes the practical interests of all parties into account, so as to achieve steady world economic growth and promote employment. Similarly, the fiscal arrangements in developed countries and financing arrangements in developing countries that relate to the long-term and stable development of the global economy need coordinating.

    All parties should also work together to promote reform of global governance. The St. Petersburg summit will examine the implementation of the International Monetary Fund's quota reform to date, and start a new round of quota reform agenda. The role of the Financial Stability Board will be strengthened to maintain effective regulation of global financial system. The summit will also plot out the future for the multilateral trading system represented by the World Trade Organization. All these are major initiatives in global economic governance and are closely linked with the long-term interests of all parties.

    While the IMF's quota reform is proceeding according to a general time schedule, there are more uncertainties about the future of the multilateral trading system, as the protracted Doha Round has resulted in some countries being disappointed with the WTO. In order to break the deadlock of the Doha Round and revitalize the multilateral trading system, Roberto Azevedo, the new director-general of the WTO, is trying to push members to finalize an "early harvest" package in trade facilitation, agriculture, export competition. The US and other developed countries should give up their selfish interests and adopt a supportive attitude toward this early harvest package.

    Regional cooperation issues closely related to the evolution of the multilateral trading system are also likely to be on the agenda at the summit. Developing countries hope that the regional economic cooperation negotiations dominated by the US and other developed countries, such as the Trans-Pacific Partnership, will not have exclusive clauses and rules under the pretext of building a "comprehensive and high-standard" free trade area so as to ensure the openness, transparency, fairness and inclusive development of various regional economic cooperation mechanisms.

    The G20 is essentially a stage for dialogue and consultation, a stage on which the G7 and the BRICS countries are very compelling. It is noteworthy that it has become routine for the leaders of the BRICS countries to hold informal meetings to coordinate their positions on the sidelines of major international gatherings and in doing so they have enjoyed some remarkable achievements. This time, President Xi Jinping will attend an informal meeting with other leaders of the BRICS countries. After the G20 summit, Xi will go to the Shanghai Cooperation Organization summit in Bishkek, capital of Kyrgyzstan. These initiatives show from different perspectives the efforts of emerging countries to strengthen multilevel, all-dimensional unity and cooperation to enable developing countries' interests to be embodied and respected in global economic governance reforms.

    The St. Petersburg gathering will be the debut for China's new leadership at a G20 summit. A stable and prosperous China is indispensable for a brighter global economic outlook and much attention will be on how committed they are to further opening-up and reform. The State Council's official approval of the establishment of the Shanghai free trade area has attracted worldwide attention, and there is every reason to believe that the St. Petersburg summit will once again highlight China.

    The authors are researchers with the Center for BRICS Studies, Fudan University.

    8.03K

    Schedule

    President Xi visits Central Asia, attends G20, SCO summits

    Sept 3 to 13: Pay state visits to Turkmenistan, Kazakhstan, Uzbekistan and Kyrgyzstan.

    Sept 5 to 6: Attend the eighth Leaders' Summit of the Group of Twenty (G20) in St. Petersburg.

    Sept 13: Attend the 13th Meeting of the Council of Heads of Member States of the Shanghai Cooperation Organization (SCO) in Bishkek, the capital of Kyrgyzstan.

    Forum

    Chinese economy will not collapse

    The Chinese government has steered their megacarrier through choppy seas quite successfully.

    China's role in G20

    I saw a China that is much more confident to put itself forward at G20 summit.

    Photos


    Beijing backs truce bid in Syria


    Ties with Kyrgyzstan upgraded


    Student's rare blood bonds Kazakhstan and China


    Xi 'travels in time' along the ancient trade route


    Xi in Kyrgyzstan for state visit, SCO summit


    Silk Road to take on a new look

    最好看更新中文字幕 | 亚洲乱码中文字幕综合234| 精品亚洲A∨无码一区二区三区| 国产成人三级经典中文| a最新无码国产在线视频| 成人无码网WWW在线观看| 婷婷综合久久中文字幕| 一本之道高清无码视频| 免费无码VA一区二区三区| 国产成人无码一区二区三区在线| 中文无码不卡的岛国片| 国产精品热久久无码av| 无码国内精品人妻少妇 | 国产成人无码一二三区视频| 人妻丰满av无码中文字幕 | 中文字幕在线视频网| 亚洲av无码专区在线观看素人| 久久久久无码精品国产| 亚洲精品无码mv在线观看网站| 中文自拍日本综合| 中文字幕一区二区三区在线不卡| 91在线中文字幕| 熟妇人妻无码中文字幕| 中文字幕亚洲欧美日韩在线不卡 | 国产日产欧洲无码视频无遮挡| 色综合久久无码中文字幕| 亚洲av中文无码乱人伦在线咪咕 | 野花在线无码视频在线播放| 色综合久久中文字幕综合网| 人妻精品久久久久中文字幕69| 久久精品aⅴ无码中文字字幕不卡| 一本大道久久东京热无码AV| 国产精品中文久久久久久久| 中文字幕国产精品| 精品久久久久久中文字幕人妻最新| 亚洲 日韩经典 中文字幕| 超清中文乱码字幕在线观看| 亚洲AV中文无码字幕色三| 色婷婷综合久久久中文字幕 | 中文字幕欧美在线| 最近2019年中文字幕一页|