Editor's note: Wang Peng is an associate research fellow at Chongyang Institute for Financial Studies, Renmin University of China and a researcher at the Charhar Institute. The article reflects the author's opinion, and not necessarily the views of CGTN. 

Perhaps all eyes are looking at the 13th summit of the Group of 20 (G20) in Buenos Aires, where world economies are discussing the future of the global development, not to mention there will also be a high-stakes meeting between Chinese President Xi Jinping and his U.S. counterpart Donald Trump, as well as the signing of the U.S.-Mexico-Canada Agreement (USMCA).

During the first day of the summit, Xi Jinping attends the 13th summit of the G20 leaders and delivers a keynote speech, emphasizing on adhering to open cooperation, partnership, innovation, universal benefit and win-win principle, as well as taking responsibility to grasp the direction of the world economy

This year marks the 10th anniversary of G20. It is also a reminder of the world's bitter memory of the 2008 Financial Crisis 10 years ago, which forced the world economies to unite together and to deal with this serious problem through better global governance. In this context, G20, a new global governance forum, emerged, which enlarged the scale of G7 and involved a number of vibrant emerging economies.

However, the situation of world economy and governance has changed a lot during the past ten years. As Xi Jinping pointed out in his speech, though the world economy as a whole has maintained growth, the deep-seated impact of the crisis has not yet been eliminated. The conversion from old economic pattern to the new one has not yet been completed, and various systemic economic risks have accelerated. In one word, the world economy is once again standing at the crossroad.

In response to this serious situation currently, the G20 as the leading global governance forum must grasp the lessons from the historical trend and lead the direction correctly. Although there are economic fluctuation and rolling readjustment in today's world economy, the general trend that most economies value is solidarity, community and an open world market to all players fairly.

What is more, thanks to the contribution made by a series of global economic and trade organization and forum, such as APEC, G20, WTO, and so forth, the mutual cooperation and complementary advantages of countries are still the major objective requirements of the development, which represent the right direction of the evolution of the relationship of production. In this process, all states have gradually formed a community of interests, a community of responsibility, and a community of shared future.

Now, facing the growing threat from protectionism and economic nationalism, more G20 member states begin to realize that working together and mutual benefit are the only choice for our world. In the face of these challenges, international society should realize the urgency of the situation, and take a responsible attitude to grasp the general direction of the world economy.

As Xi Jinping reemphasized, now it is the time for all countries in the world to make every effort to maintain the stability of the world economic development, which has also been a focal point of the G20 this year.

What brought Xi warm and lasting applause was his excellent interpretation of the keyword "Tong Zhou Gong Ji". As a traditional Chinese phrase, it calls for all participants of world economy to adhere to the consensus as “living in the same boat” – when the “boat” of world economy sank, no single player can survive – this is one of the essential points of the term “community” in Xi's world of thoughts.

Xi Jinping's speech received warm applause, which offered Chinese experience and ideas about the new global governance in the new era. Looking forward, the “long march” of the structural reform of G20 as the major global governance platform and the fundamental reboot of the world economy just started. 

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