Commentary: Ten years on, G20 still anchor of world economy, propeller for global economic governance

Source: Xinhua| 2018-11-30 23:25:00|Editor: Mu Xuequan
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BEIJING, Nov. 30 (Xinhua) -- Ten years after the first Group of 20 (G20) summit was convened in Washington to alleviate the global financial crisis, leaders of the world's major 20 economies gather in Buenos Aires looking for consensus on preventing the global economy from stalling, or even worse.

Jointly moving the world economy forward on the right track is the founding mission and the primary task of the G20. A decade on, the G20, with its remarkable achievements in coping with the international financial crisis and promoting global recovery, has become an anchor of the world economy and a propeller for global economic governance.

Time has proven that the G20 is instrumental in steering the world economy through the storms of economic and financial turbulence.

This was a turbulent year, during which trade tensions have escalated. The International Monetary Fund (IMF) has forecast a growth of 3.7 percent for the world economy in 2018 and 2019, down by 0.2 percentage points from its July estimates, largely due to rising external and financial pressures on emerging markets and a "tangible" increase in trade tensions.

The G20 mechanism is known for its policy coordination and cooperation. More importantly, at this moment, it needs to unequivocally uphold the multilateral trading system and build an open economy.

China is a staunch supporter of multilateralism and free trade. It is estimated that over the next 15 years, China will import 24 trillion U.S. dollars of goods and draw 2 trillion U.S. dollars of foreign direct investment.

Against the backdrop of rising protectionism, China's commitment to the world plays an important role in safeguarding free trade and economic globalization and injects new impetus to the sustainable development of the global economy.

China has played a critical part in the G20 mechanism. Its relevance was underpinned by the successful Hangzhou summit where G20 members reached the "Hangzhou Consensus."

China is widely expected to continue to play a significant role in the G20 mechanism. The G20 meeting in Argentina offers a good opportunity to build an open world economy.