Wang Yi: A new decade calls for new leadership from the G20

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The 13th G20 Summit will be held in Argentina later this week. Chinese State Councilor and Foreign Minister Wang Yi reviewed the achievements of G20 economic cooperation and expressed expectation of the upcoming Leaders' Meeting in Buenos Aires, in his signed article "Set Sail on a New Voyage of G20 Cooperation."

The upcoming G20 summit will be closely watched worldwide as it explores new ways to advance international economic cooperation under new circumstances, Wang said.

While celebrating the 40th anniversary of reform and opening up this year, Wang reiterated that China will remain a staunch supporter, defender, and contributor to multilateralism and to an open world economy.

Leaders gather at a critical juncture

"Ten years ago, the financial meltdown that started from the Wall Street plunged global markets and the international community into a deep panic. At that critical juncture, leaders of the 20 largest economies representing over 80% of global output came together," Wang said in the article, published in the G20 publication by University of Toronto.

Over the past decade, G20 leaders have been meeting regularly to steer the world economy, said Wang, hailing the G20 as a leading role in all different aspects of global economic governance.

In the article, Wang asked whether the G20 has accomplished its historical mission and if it has become less significant. He gave the answer "no," and said "a new decade calls for new leadership from the G20."

The world suffers from economic shocks

The world is suffering from economic shocks brought about by rising unilateralism and protectionism, Wang said, adding that developing countries are increasingly affected by the negative spillovers of shifting monetary policies from developed economies.

Fundamental challenges facing the global economy, including insufficient drivers of growth, inadequate global economic governance, and unbalanced development are yet to be effectively resolved, he noted.

Wang stressed "economic and trade tensions are spreading rapidly to the political and security fields, which is not good news for world peace and stability."

G20 to demonstrate leadership

In his article, Wang called the G20 to demonstrate leadership in upholding multilateralism, advancing reform, supporting innovation and promoting development.

China agrees with the necessary reforms of the WTO, Wang said, adding "The core values and basic principles of the WTO should be upheld, and the development space of developing countries must be respected and preserved."

The G20 has introduced a host of reforms aiming at improving global economic governance, he said, calling to create a new international financial order that is equitable, fair, inclusive and rules-based.

Wang encouraged the G20 to actively implement the 2030 Agenda for Sustainable Development, strengthen infrastructure connectivity and help developing countries accelerate their own development.

He said China is ready to step up cooperation with all parties to boost confidence in the world economy and contribute its share to common development.

(With inputs from agencies)