Joining hands at the G20 to boost world economic recovery

The 8th Group of Twenty (G20) Summit will be held from Sept 5 to Sept 6 in St. Petersburg, Russia.  [Special coverage]

Against a backdrop of international financial crisis the G20 mechanism was upgraded into a Summit intended to reunite the major economic powers and boost the confidence of the market, pulling the international economy back from the edge of breakdown. This approach laid the foundations of G20 as a major platform for international cooperation. However with the downgrading of the crisis, the spirit of mutual assistance became weaker and macro-economic coordination also become more difficult. At present the momentum of world economic growth is weak. The deep-rooted contradictions and structural problems that the financial crisis exposed still linger.

Enhancing international governance is a natural trend in historical development. Affected by the international financial crisis, the economic growth of developed countries has stalled and the G7 countries have been severely impacted. At the same time, developing countries are making greater contributions to global economic growth. Under the governance of the developed countries the world economy cannot maintain its development. Building a fairer and more rational international economic order is an ever more pressing challenge. The developed countries need to share the responsibility of global economic governance together with emerging market countries, and give these countries a greater say.

The G20 is a platform which can promote equal consultation between developed countries and developing ones to achieve mutual benefit and win-win cooperation. The G20 Summit reflects trends in the development of the world economy which are a historical process. As the main forum of international economic cooperation, the status and influence of the G20 is unique.

In the process of enhancing global economic governance, contradictions and disputes are inevitable. In the era of globalization all parties should seek out their common interests through cooperation. We have every reason to believe that the leaders of G20 will join hands at the Summit to reinforce their commitment to strong, sustainable, and balanced development in the international economic order.