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Turkey G20 summit: New opportunity for global mechanisms

Editor: Li Kun 丨CCTV.com

11-17-2015 16:55 BJT

By Niu Huayong, Dean of International Business School and researcher of G20-BFSU Center, Beijing Foreign Studies University

The feeble economy, degraded environment and rampant terrorism, appear to be the three keywords for topics discussed at the G20 summit in Turkey.

 

When the global financial crisis erupted in 2008, the world needed a global coordination mechanism beyond Western countries, to help maintain economic stability. Yet seven years later, many G20 member countries have not performed well with their economies.

Existing global governance mechanisms hold significant drawbacks. There is no appropriate mechanism for emerging economies, which are the leading forces of global economic growth nowadays.

This undermines enthusiasm for the emerging markets to contribute more to the global economy and that impacts global economic growth.

G20 countries are destined to play an important role, since it covers the leading industrial countries (the G7 member countries), along with the top emerging markets. Agreements reached at the summit can be considered a global consensus.

Meanwhile, the G20 tries to avoid mere talks, and setting up targets to map out mechanisms, which can be carried out. Nonetheless, the G20 mechanism has failed to play a comprehensive role in global governance.

For G7 countries, whenever the global economy recovers, they return to their coterie. Hence, only when they face economic difficulties, do they consult with the emerging economies.

Accordingly, G20 summits usually end up with initiatives and declarations without binding resolutions for its member states. The "troika" of presidents, referring to the current, immediate past and next hosts, cannot ensure success between summits.

Although, the G20 summit in Turkey was held as scheduled, numerous consensus measures that were reached during the Brisbane summit last year, remain shelved.

This year's summit provides a good opportunity to strengthen its mechanisms. The terrorist attacks in Paris on the eve of the summit could remind leaders that it is high time to show unity, despite their differences.

Terrorism and the economic downturn are common enemies in our global development process. Leaders from the G20 should drop their differences and jointly face them.

Chinese President Xi Jinping pointed out in his speech: The Group of Twenty should strengthen communication and coordination of macroeconomic policies, promote reform and innovation, and enhance mid- and long-term growth potential for the world economy.

He called for an open world economy to boost international trade and investment, while implementing the 2030 agenda for sustainable development that would be a driving force for inclusive and equitable development.

Prior to the summit in Turkey, some media outlets were holding emerging economies represented by China,  responsible for the global economic downturn, since the emerging economies were witnessing slower growth rates.

Yet, according to the IMF's (International Monetary Fund) data, China's newly-increased GDP has accounted for 27.8% of the world's economic growth  in 2014, and the ratio is likely to rise to one third in 2015.

Chinese economy did not drag the global economy down, instead it was the main engine for global growth.

The statements, "economy getting dragged down by emerging economies", or the double standards on coping with terrorism, or reluctance to reduce emissions, reflect insufficiency of the current global governance mechanism.

Fundamental problems prevail, such as Cold War thinking, a single polarized world pattern, severely ideologized co-existing mode, and lack of participation for the emerging economies and developing countries.

Beijing will host the 2016 G20 summit. As the world's largest developing country, China should take the opportunity to unite developing countries, to push G20 as an irreplaceable effective multilateral consultation mechanism, through active dialogue with developed industrial countries to promote global economic stability and development.

 

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

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