The highlight of this year's Group of 20 (G20) Summit in
Brisbane, Australia, was the formulation of a comprehensive growth
strategy raising the collective GDP of all the 20 nations by 2
percent within five years. This is the first time that the G20 has
set concrete goals for economic growth.
In the time since the financial crisis, the global economy has
grown at a slower pace than usual. Amid the influence of an oil
price slump, depreciation of the Japanese yen, and geopolitical
frictions, Western economies face an arduous recovery. China,
however, has maintained stable growth, although the growth of its
economy has slowed in the past two years. Many other countries are
eyeing the opportunities that will be created by China's future
development.
The G20 summit has made two prescriptions for future economic
growth: increasing investment in infrastructure and expanding
trade. These prescriptions are compatible with China's
strategies.
The Chinese Government announced at the G20 summit that it will
launch overseas investment of $500 billion in five years as part of
its contribution to regional and global infrastructure investment
and financing. In the meantime, the government is seeking to
facilitate trade by simplifying customs procedures and improving
service.
China will also participate more actively in global economic
cooperation through openness. For instance, it promised to publish
oil inventories on a regular basis, according to the International
Monetary Fund's standards for data release.
China's intensified reform not only provides momentum for its
own economic growth but also promotes global economic recovery.
According to the Ministry of Finance, China's contribution to the
2-percent growth target set during this year's G20 summit will
register as high as 30-40 percent, when measured in terms of
investment, trade, employment and competitiveness.
According to the predictions of the World Bank, China's
contribution to the world economy this year will be around 27
percent, the highest in the world. However, China and other
emerging countries have a relatively weak power of discourse in
international economic development. Although the international
economic order has undergone dramatic changes, represented by the
shift of the global economic center to the East, the management
system of the world economy is still dominated by the West. Reform
of the international economic order is urgently needed.
G20 members should be dedicated to building a fair, equitable,
inclusive and orderly international financial system, increasing
the voice of emerging economies and developing countries, and
ensuring countries have equal rights and opportunities. Only in
this way can the G20 play its role in stabilizing global economy,
promoting global growth and improving global economic
governance.
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