China to pivot global growth gridlock at the G20

Editor's note: Amid shifting geopolitical dynamics and economic uncertainty, the G20 summit, set for November 18-19 in Brazil, themed "Building a Just World and a Sustainable Planet," focuses on social inclusion, global reform, and sustainability, aiming to shape the future of global governance. As the world's largest economies convene for this gathering, expectations are high for addressing urgent global challenges, including economic stagnation, trade disruptions, and climate change. Seeking insights on this topic, Yasir Masood (PhD), opinion editor at CGTN, engaged with Warwick Powell, a distinguished academic from Australia and senior fellow at the Taihe Institute, Beijing. Powell provided incisive commentary on the current standing of the G20 in the global order, China's outlook, the repercussions of U.S. policies, and their broader impact on the global politics. This dialogue offers timely perspectives on the evolving dynamics of international relations and the pursuit of a more inclusive, multipolar world order. The views expressed are those of the interviewee and do not necessarily reflect the views of CGTN.

Powell began by highlighting China's steadfast commitment to multilateralism and its proactive engagement in global institutions, focusing on building inclusive platforms for international cooperation. He further noted that the G20, once a cornerstone of global economic policy coordination, has seen its role diminished mainly owing to the U.S., which has steered away from multilateralism in favor of a narrower, hegemonic stance. This shift, he maintained, has impacted the G20's ability to tackle urgent issues such as post-pandemic recovery, climate action, and sustainable development.

In this altered milieu, many countries in the Global South, including emerging economies in Asia, Africa, and Latin America, are progressively forming new partnerships, diversifying supply chains, and investing in technology exchanges — signaling a shift towards greater self-reliance and economic resilience in the face of U.S. disengagement, Powell argued. Despite this context, he emphasized the importance of maintaining open communication channels. "The G20 remains a crucial platform for leaders to engage directly," he noted, suggesting that informal discussions on the sidelines could yield new understandings, even if formal agreements remain elusive.

On a concluding remark, Powell referenced analyses indicating that even if the U.S. were to fully close its market to Chinese exports by 2025, China could recover by 2027 through new trade partnerships and diversification efforts. With the G20 Summit in Brazil underway, it presents a collective opportunity for world leaders to put their heads together with a stern commitment to tackling urgent global challenges, paving the way for a more resilient, inclusive, equitable, and sustainable future.  

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