From Hangzhou in China to Hamburg in Germany

Dhaka,  Wed,  26 July 2017
Published : 08 Jul 2017, 20:59:23
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From Hangzhou in China to Hamburg in Germany

Zhang Jun
The G20 Summit is now being held in Hamburg, Germany. Given the groundbreaking achievements made in terms of innovation, structural reform, development, trade and investment last year in Hangzhou, China, the world now has shifted its focus on the approaches of the Hamburg Summit to implement the previous results and make new contribution to the strong, sustainable, balanced and inclusive growth of the world economy.

The world economy now continues to grow, with positive signs having been shown in both developed countries and emerging markets. In other words, the world is now in the best economic situation since the international financial crisis.

However, the global economic growth is still fragile, with emerging uncertainties including rising tide of anti-globalization and trade protectionism. 

In addition, Group of Twenty (G20) has also been challenged by problems such as intensified policy differentiation of its members and the different pace of each member in implementing previous G20 promises. The organization also has to improve its mechanism and draw a clearer picture of its future development.

Now G20 is still the best platform for major economies to conduct cooperation on global economic governance. The organization should stay true to its original intention and make joint efforts to cope with challenges, in a bid to bring the world economy back to the right track of stable growth.

Economic globalization, a natural outcome of historical development, has boosted economic growth, social progress and cultural exchanges. It has brought substantial conveniences and benefits, and it is not wise to take the current difficulties and challenges it's facing as an excuse to reject it.

Against the trade and investment downturn and the growing trend of anti-globalization, the G20 should keep advocating the construction of an open global economy, oppose protectionism, and facilitate trade and investment which serves as an engine for economic growth.

The G20 should continue to pursue innovative growth and long-term governance. Given the hard-won growth momentum, each country should continue to promote innovation, boost new industrial revolution and digital economy, so as to achieve strong, sustainable, balanced and inclusive growth of the world economy.

G20 is a mechanism that enables both developed economies and emerging markets to discuss global economic affairs on an equal-footed basis, and its development is of great significance to the world economy. In retrospect, the organization has never stopped its contribution to the global economy since its first summit. The fruitful results achieved in Hangzhou last year were significant public products provided by China to promote global economic governance. Now it's time for Hamburg to present the world with its wisdom. Let's wait and see. 

This is an updated version of a write-up by Zhang Jun who is the director-general of the Department of International Economic Affairs under China's Ministry of Foreign Affairs. Courtesy: People's Daily of China.

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