President Xi Jinping calls for equitable global governance and cooperation at G20 summit

Editor's note: Malik Ayub Sumbal is a political analyst and commentator on global politics and current affairs. The article reflects the author's opinions and not necessarily the views of CGTN.

Chinese President Xi Jinping delivered a remarkable speech during Session II of the 19th G20 summit, offering a comprehensive blueprint for the reform of global governance institutions. His address placed significant emphasis on the need for equitable global governance, centered around the shared future and a multipolar world. In stark contrast to the prevailing atmosphere of rivalry that has marked international relations in recent years, Xi called for a development model based on cooperation, mutual benefit and shared prosperity. He underscored that while the G20 has achieved significant milestones since its inception 16 years ago, the global community must continue to advance reforms to ensure a fairer and more sustainable future.

Five key areas for global governance reform

Xi's speech outlined five critical areas where global governance reforms are not only necessary, but urgent. These included economic governance, financial governance, trade governance, digital governance and ecological governance. Each of these areas reflects China's broader vision for a more inclusive and balanced global order.

1. Improving global economic governance

Xi stressed the importance of the G20 continuing to prioritize cooperation in economic policy. The global economic governance and the macroeconomic policies will be reinforced to ensure global economic stability and to foster an open, inclusive international economic environment. In particular, he emphasized the need for G20 nations to work together to address systemic issues such as poverty, inequality and economic exclusion. The essential component of this cooperation is rooting out corruption and improving international cooperation in asset recovery. The "zero tolerance" in fight against corruption, when it comes to maintaining clean governance is essential for a global economic governance. The corrupt practices always undermine global stability and economic growth.

2. Strengthening global financial governance

Xi also pointed to the need for greater representation of developing countries within global financial institutions. China's South-South cooperation efforts have made a significant contribution to the development of the Global South, much remains to be done to ensure that financial institutions reflect the realities of a changing world. Unfortunately, the international financial institutions sometime highly exploit the developing countries, particularly on the economic side. The G20 nations should increase efforts to stabilize international financial markets and enhance support for innovative measures in developing countries.

3. Reforming global trade governance

One of the central themes of Xi's speech was the urgent need for reforming the global trading system. The comprehensive reforms within the World Trade Organization (WTO) to make it more responsive to the challenges of the 21st century. The G20 nations should resist protectionism and focus on ensuring that the global market remains open, integrated and free from divisive measures disguised as environmental or security-related policies. It has been widely observed that the protectionism only serves to slow down global economic growth. Free and fair competition has always been the engine of progress and prosperity. In the new technological advancement and growth where there is healthy competition, it needs to further flourish.

4. Advancing global digital governance

Xi's vision for global governance also extends to the digital realm. The role of the digital economy is at boom. China's digital world and e-commerce has achieved the highest-level of innovation. Chinese digital market has a huge potential and it's one of the role models for the G20 countries. The digital market of China has strong regulations and governance. In today's world, the critical role of the digital economy in shaping the future of global governance is a backbone of any economy. As countries navigate the complexities of digital transitions, the importance of fostering international cooperation is to ensure that the benefits equitably across the globe.

5. Enhancing global ecological governance

A significant portion of Xi's speech was dedicated to the pressing issue of climate change and ecological sustainability. China's commitment to green development and climate action underscores the country's leadership in promoting a green economy and society over the past several decades. China's role in making skies blue is an eye-opening witness when it comes to Beijing's strong commitment and initiatives. While G20 highly focus on the Climate Change and Green Developments by implementing the Sustainable Development Goals (SDGs), to learn from China towards the ecological governance can be highly fruitful. China's commitments to the climate goals emphasized the importance of fully implementing the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework.

Global security and political stability

In addition to economic and environmental enhancement, Xi also addressed global security and political stability. The global security governance is a fundamental component of global governance itself. It is time for strengthening the United Nations Security Council's role in addressing global conflicts and crises, including the ongoing war in Ukraine and the humanitarian crisis in Gaza. The peaceful resolutions and diplomacy are the only viable paths toward long-term stability and security in the conflicts that the world is witnessing. China's commitments to the peaceful resolutions of these conflicts have always been initiated from Beijing.

China's commitment to supporting multilateral efforts is to maintain peace and security and underscored the importance of upholding international law and the principles of the UN Charter. The call for peaceful, diplomatic solutions is consistent with China's broader stance on global conflict resolution, which emphasizes negotiation and cooperation rather than unilateral action or military intervention.

As the G20 summit is about to conclude, the adoption of the Rio de Janeiro Leaders' Declaration marked a renewed commitment to global cooperation and multilateralism. Xi's remarks resonated strongly with Brazilian President Luiz Inacio Lula da Silva, who chaired the summit and endorsed Xi's call for collective action in shaping a more equitable global future.

With a renewed focus on equity, innovation and sustainability, Xi's proposals have set the stage for a more balanced global governance framework. His vision aligns with China's broader goal of creating a multipolar world, where development and cooperation go hand-in-hand and no country is left behind. Xi's emphasis on multilateralism and reform challenges the current hegemonic global structures and seeks to create a more just and equitable system for all nations.

(Cover via CFP)