Investing in Resilient Growth
China adds new vitality to global governance during Brisbane G20 Summit
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G20 Summit 2014
Cover Stories Series 2014> G20 Summit 2014
UPDATED: November 24, 2014 NO. 48 NOVEMBER 27, 2014
Contributing to Global Growth

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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