China calls on G20 members to strive for steady recovery of world economy by addressing both symptoms and root causes of problems they face

Chinese President Xi Jinping recently attended and addressed via video link the first session of the 16th Group of 20 (G20) Leaders’ Summit, systematically proposing feasible approaches to reviving the global economy and long-term strategies for improving global economic governance in his speech.

A China-Europe freight train carrying exhibits for the 4th China International Import Expo (CIIE) from Hamburg, Germany to east China’s Shanghai arrives at a freight station in Minhang district, Shanghai, Oct. 29, 2021. [People’s Daily Online/Shen Chunchen]

As the premier forum for international economic cooperation, the G20 shoulders an important mission to stabilize the world economy and expand its development space.

Xi’s remarks at the summit have built consensus for and injected strong momentum into the realization of global inclusive and sustainable development and fully manifested the foresight, sagacity and sense of responsibility of the leader of a major country.

The COVID-19 pandemic has made a complex and far-reaching impact on the landscape of world economy and global economic governance. The International Monetary Fund (IMF) lowered its forecast for global economic growth in 2021 in its latest World Economic Outlook, believing that downside risks will predominate.

As the North-South divide continues to grow, people worry that the uneven global economic recovery will further worsen inequality in the world.

Born at the most critical moment of the global financial crisis in 2008, the G20 leaders’ summit mechanism witnessed how all the G20 members helped bring the world economy back on track through concerted efforts back then.

Photo shows a citizen trying immersive games with an augmented reality (AR) device at the World Digital Economy Conference 2021 held in Ningbo, east China’s Zhejiang province, Oct. 15, 2021. [People’s Daily Online/Dong Xiaofei]

Today, the G20 members should work together with the same courage and strategic vision to lead global economic recovery from the impacts of the COVID-19 pandemic.

“We should step up macroeconomic policy coordination and ensure the continuity, consistency and sustainability of our policies. Major economies should adopt responsible macroeconomic policies, prevent measures taken for themselves from entailing rising inflation, exchange rate fluctuations or mounting debts, avoid negative spillovers on developing countries, and ensure sound operation of the international economic and financial system,” Xi said in his speech at the first session of the 16th G20 Leaders’ Summit.

A fairer, more just and rational global economic governance system is a strong guarantee of the world economy’s returning to the track of growth and achieving medium and long-term stable development.

Countries should improve the global economic governance system and rules, and make up for the relevant governance deficit while taking measures to deal with the impacts of the COVID-19 pandemic, Xi pointed out in his speech.

China proposed holding an international forum on resilient and stable industrial and supply chains, and is ready to lend the new allocation of the IMF’s Special Drawing Rights to low-income countries that are seriously affected by COVID-19, according to Xi.

These decisions have once again demonstrated China’s consistent position that it stands together through thick and thin and fights against crises with other countries, especially the vast number of developing countries, and will provide strong support for the efforts of developing nations to pool resources to combat the pandemic and pursue economic recovery.

Innovation is a decisive factor in promoting economic and social development and in addressing the common challenges to humanity, Xi suggested at the summit that the G20 should shoulder responsibilities in the digital era, quicken the development of new types of digital infrastructure, promote deeper integration of digital technologies with the real economy, and help developing countries eliminate the digital divide.

China has decided to apply to join the Digital Economy Partnership Agreement, Xi said at the summit. The move demonstrated China’s constructive stance on actively participating in international cooperation on digital economy and the formulation of relevant rules, and reflected China’s firm determination to expand opening-up and align itself with high-level international rules and standards.

A worker carries out patrol inspection of a production line at the smart workshop of a lithium battery maker based in the high-tech industrial development zone of Xinyu city, east China’s Jiangxi province, July 27, 2021. [People’s Daily Online/Zhao Chunliang]

China has made active and concrete efforts to promote global economic recovery and growth. The country has fully implemented the G20 Debt Service Suspension Initiative for Poorest Countries and has so far put off the largest amount of debt repayments among G20 members.

Well aware of the important role of infrastructure construction in driving economic growth, China has actively promoted and achieved rich fruits in the joint construction of the Belt and Road, which has boosted global trade growth and enhanced the well-being of people in relevant countries.

Delivering on its commitments with actions, China has won wide praise from the international community.

The 4th China International Import Expo (CIIE) is scheduled to take place in Shanghai from Nov. 5 to 10. Its expanding exhibition area and the eager anticipation of exhibitors toward the event signal that China will continue offering new opportunities to the world and injecting fresh impetus into global economic development with its new development achievements.

On its way forward, China will walk side by side with various countries as always and continue staying committed to true multilateralism and carrying forward the spirit of partnership, so as to make bigger contributions to promoting robust, sustainable, balanced, and inclusive global economic growth.

The views don't necessarily reflect those of Qiushi Journal.