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“Chinese Proposition” Navigates for the World Economy

Submit Time:26-07-2017 | Zoom In | Zoom Out

Author:Tian Yuan | Source:Guangming Daily

Abstract:

  The G20 Hamburg Summit was closed on the afternoon of July 8. The Summit adopted the G20 Leaders' Declaration: Shaping an Interconnected World, emphasizing that coping with the challenges in the present times and shaping an interconnected world are the common goals of G20 as a main forum on international economic cooperation. All countries committed to cooperate hand-in-hand, to promote trade and investment, give play to the potential of digitalization, push forward the sustainable development, establish partnership with African countries, realize powerful, sustainable, balanced and inclusive growth, shape the globalization and make benefit to the whole mankind.

  Chinese President Xi Jinping’s important speech delivered at the summit drew high attention by all circles, becoming one of the main bright points at this summit. In his speech entitled Promoting Openness and Inclusiveness to Achieve Interconnected Growth, President Xi Jinping stressed that G20 should stay committed to building an open global economy, foster new sources of growth for the global economy, work together to achieve more inclusive global growth, and continue improving global economic governance.

  The present development in the world faces a series of deep-level contradictions: the foundation for global economic growth is not quite firm, trade and investment remains low, the economic globalization has encountered setbacks, and the regional development is not balanced. On this background and in face of major challenges, China chooses to join hands to cope with them. At the G20 Hamburg Summit, China diagnosed the world economy again in the expectation by all parties. President Xi Jinping pointed out in his speech delivered at the Hamburg Summit that, the world economy is showing signs of moving in the right direction, yet at the same time, it is still plagued by deep-seated problems and faces many uncertainties and destabilizing factors. In this circumstance, President Xi Jinping made four propositions, i.e. we should stay committed to building an open global economy, foster new sources of growth for the global economy, work together to achieve more inclusive global growth, and continue improving global economic governance. At the same time, he stressed that we should work together to promote interconnected growth for shared prosperity and build toward a global community with a shared future.

  Experts here believed that the propositions made by China during the G20 summit fully demonstrated that China is a responsible big country supporting and abiding by the Paris Agreement and free world trade, showing that China firmly safeguards the development road of an open and inclusive world economy, not only extending the spirit and results of Hangzhou Summit, but also will work together with the member countries to add more positive energy for the world economic development. In the background that the current world economic situation is generally improving but still with some uncertainties, President Xi’s speech precisely took the pulse of the global economy, and put forth feasible and practical propositions, pointing out the direction for the steady growth of world economy.

  Gu Xuewu, director of Global Research Center of the University of Bonn stated that, the keynote speech by President Xi Jinping is one of the biggest bright points at this G20. It shows that China has a very firm determination to push forward globalization, and also calls all countries in the world to act according to the rules jointly set by all, emphasizes coping with common challenges through consultation, to find win-win solutions together. At Hamburg, President Xi Jinping clearly defined that the Belt and Road Initiative advocated by the Chinese Government “is highly compatible with the goal of the G20”. This shows that the Chinese Government has got prepared to take Belt and Road Initiative as part of the new type inclusive globalization, and by building the interconnectivity mechanism, people of countries having not fully enjoyed the dividend of globalization by now will be merged into globalization, so that they can get benefit from it.

  After the close of the summit, German Chancellor Angela Merkel stated at the press conference that the G20 leaders unanimously support globalization, commit to market openness, and oppose trade protectionism. However, for the topic of climate change, G20 was unable to reach consensus on the Paris Agreement because of the “regretful” withdrawal by the United States.

  For the issue of trade, all countries declared jointly to keep the market open, attach importance to the mutually benefiting trade and investment framework, continue to oppose protectionist acts including any unequal trade, and recognize legal measures of trade protection. G20 countries committed to continue to combat trade protectionism, oppose “unfair trade behavior”, and stated to keep their markets open.

  On the topic of climate change, G20 became “19+1” because of the opposition by the US President Trump, and the countries were unable to reach consensus on the Paris Agreement. Merkel said she was not optimistic if the United States, singing a tune different from most countries, would come back to the Paris Agreement. Merkel stressed that the communique contained two paragraphs, one about the position of the United States, and the other about the position of the other 19 countries. “The position of the United States is that of the United States, and not that of 20 countries.” Merkel stated, the communique described the common positions of G20 very clearly, “but we are quite clearly that no consensus has been reached for this part.”

  The Prime Minister of UK Theresa May stated at the press conference after the summit that she was quite disappointed on the United States withdrawal from the Paris Agreement. French President Macron said at social media on the 8th that, heads of states would held a meeting at Paris on December 12, to promote the Paris Agreement for more progress, and also solve the financing issue for it.

  Even so, it was written in the G20 Hamburg Summit Communique published on the afternoon of 8th that, other G20 leaders (except for the United States) pointed out that, Paris Agreement is not reversible, and they reiterated the importance of the commitment by developed countries to implement the UN Framework Convention on Climate Change.


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