News Analysis: Xi shows ways for G20 to lead global economy on right track

Source: Xinhua| 2018-12-01 19:49:30|Editor: Liangyu
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BEIJING, Dec. 1 (Xinhua) -- Analysts say President Xi Jinping has provided directions for the G20 to lead the global economy to grow on the right track as he spoke at the ongoing G20 summit in Buenos Aires, Argentina.

At the first session of the summit Friday, Xi spoke of the need to stay committed to openness, cooperation and uphold the multilateral trading system; forge strong partnership and step up macro policy coordination; stay committed to innovation and create new momentum for growth; and stay committed to win-win cooperation to promote inclusive global development.

Chen Fengying, a research fellow at the China Institutes of Contemporary International Relations, said Xi's speech sent a clear signal on how the G20 members should steer the world economy.

"Xi's remarks correspond with the trend of history and the times," said Ni Shixiong, former dean of the School of International Relations and Public Affairs at Fudan University. "The four points raised by Xi capture the spirit of G20."

Leaders of the 20 leading economies gathered for their first summit ten years ago when the world was reeling from the financial meltdown. Over the years, the G20 has become a premier forum for international economic cooperation.

The G20 members contribute about 80 percent to the global trade and their combined GDP makes up 86 percent of the world's total.

Experts say time calls for new action from the G20 now as the world is suffering from economic shocks brought about by rising unilateralism and protectionism.

"No country in the world can develop in isolation. Protectionism and unilateralism run counter to the interests of the world," said Wang Zhen, secretary general of China International Studies Foundation.

Openness and multilateralism can ensure a more free flow of goods across the globe and contribute to faster economic growth and fairer distribution of benefits to people around the world, experts insist.

It is also important for G20 members to step up macro policy coordination as emphasized by Xi because their economies are closely linked, Wang said, who believed a stronger partnership among the G20 members can promote the coordinated development of various economies.

Professor Yang Guang at the Institute of Global Studies at Shanghai University noted Xi's remarks on promoting inclusive global development.

By calling for more support to Africa's development, Xi demonstrated China's long-term commitment in that initiative, said Yang, also an expert on African studies.

To promote win-win cooperation and inclusive growth, China can share its development experiences, especially in prioritizing infrastructure and connectivity building to boost industrialization, said Yang.

Experts spoke highly of Xi's call for actions to ensure the development interests and policy space of developing countries, saying it shows that China has lived up to its responsibility as a major country.

"President Xi has spoken up for the developing world," Wang said.