Upcoming G20 summit to inject positive energy into global economic governance

By Kong Xuanyou

The 14th Group of 20 (G20) summit is slated to be held in Osaka, Japan on June 28 and 29.

Chinese President Xi Jinping will once again join the leaders of other G20 members, guest countries, and heads of international organizations for discussions on stabilizing world economy and promoting global economic governance.

As the world is currently confronted with raging unilateralism and protectionism, intense global economic and trade tensions, as well as rising global economic uncertainties, the upcoming G20 Osaka Summit is attracting wide attention from the international community.

G20 was born 11 years ago when financial crisis swept the world and caused terrible panic in global market and international community.

The G20 countries represent 2/3 of the global population, 90 percent of the world's GDP, and nearly 80 percent of the international trade.

Over the past 11 years, the organization, enhancing macro policy coordination based on the principle of equality and mutual benefit, has contributed a vital part to coping with global financial crises, boosting global economic recovery, and promoting the reform of international financial and monetary systems.

Today, China has become an important participant and navigator of G20, and it will be the 7th time in a row for President Xi to attend or chair the mechanism.

Xi made his debut at the G20 summit six years ago in St. Petersburg, and presided over the 2016 G20 Hangzhou Summit which was themed “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy'. Last year, he contributed to the reaching of consensuses on multiple issues including safeguarding multilateral trade systems at the G20 Buenos Aires Summit.

Within the G20 framework, the Chinese President has offered practical and feasible solutions to cope with global challenges, contributing important Chinese wisdom to global economic growth and injecting strong confidence to the win-win cooperation among countries. His efforts fully demonstrated the spirit of cooperation and openness of China as a responsible major country.

At present, the world economy is facing increasing downward pressure, and the rising uncertainties and the trend of unilateralism and protectionism are placing negative impacts on the international order, multilateral trading system and global market confidence. The world economy and global governance are at a crucial crossroad.

Against such backdrop, the world is expecting that the G20 mechanism could keep playing a leading role at the Osaka Summit, inject positive energy into the global economic governance, safeguard the rule-based multilateral trading system, and facilitate the stable development of the world economy in an open and fair environment.

The ocean is vast because it rejects no rivers. China has always advocated for an open world economy, believing multilateralism is an inevitable course that accords with the interests of the people around the world.

The history of G20 represents a journey in which developed countries and developing countries have stuck together through thick and thin and worked hand in hand towards common development.

In the face of an evolving world economic landscape, countries around the world can only surmount difficulties and achieve win-win results through equal consultation, unity and mutual support, openness and inclusiveness, and cooperative partnership.

It is hoped that G20 will continue upholding the spirit of partnership, strengthening macroeconomic policy coordination, and driving forward stable growth of global economy while prioritizing the need for development and accommodating the concerns of developing countries.

Differences of opinions should always be properly handled through consultations, especially in the present case when certain countries are escalating trade and economic tensions.

The last time when a Chinese President visited Japan for multilateral conference could date back to nearly nine years ago, and this time President Xi’s attendance to the G20 Osaka Summit is widely welcomed by the Japanese society, including Japanese Prime Minister Shinzo Abe.

President Xi is considered as an important and distinguished guest by the Japanese who believe that his attendance indicates China’s support for the G20 Osaka Summit and Japan.

As the world’s second and third largest economies, China and Japan have both the responsibility and capability to work together with each party to jointly serve as a stabilizer and booster for global economy.

It is expected that China and Japan can join hands with relevant parties at the upcoming G20 Osaka Summit to inject confidence and fresh impetus to the global economic development, and devote themselves to creating free, open, inclusive, and orderly international economic environment and orders.

 (Kong Xuanyou is the Chinese Ambassador to Japan.)