It is entirely appropriate for us to consider how to exercise global governance in an age of globalization. It is our view that the essence of global governance should be the common participation of all parties in the international community, and widely shared benefits. Global governance should be conducted through equal consultations and win-win cooperation. It should be carried out mainly through multilateral mechanisms represented by the UN. And it should follow widely recognized international law, international norms and norms governing international relations. In short, global governance should foster a favorable environment and conditions for the development of developing countries, not the reverse.
We take the view that the Group of 20 (G20) is an important platform for meeting major economic and financial challenges. It also serves as a platform for global economic governance. The G20 has made useful attempts to establish a new type of global partnership for development. It reflects the major changes taking place in international architecture.
We hope the G20 summit to be held in Cannes, France, later this year will take strong steps in the following areas: We hope the summit will help facilitate the shift in the role of the G20 from a short-term mechanism for crisis management to a long-term mechanism for economic governance. We hope the summit will help the G20 to make even greater contributions to managing serious international economic and financial risks and promoting progress in the reform of international financial institutions. We hope the summit will take more steps to accommodate and support the interests of developing countries. We hope the countries concerned will increase their input in supporting the development of developing countries, and take addressing the development imbalance between the North and the South as the fundamental solution to address international economic imbalances.