China and the European Union (EU) can intensify their cooperation on issues regarding global governance within the framework of the Group of Twenty (G20), experts have said.
Leaders of the world's 20 major economies will meet for their 10th summit Sunday and Monday in Antalya, a seaside city in southwestern Turkey.
The summit comes at a time when the world economy is facing various problems including a slowdown in growth, differentiated policies, transition and changes, and increasing uncertainty.
Meanwhile, the G20, a leading international cooperation forum representing nearly 80 percent of global trade, has entered a crucial moment for its transition from a mechanism of addressing risks to long-term economic governance.
CENTRAL FORUM ON GLOBAL GOVERNANCE
As a premier platform for global economic cooperation, the G20 was upgraded in the aftermath of the 2008 global economic crisis and remains a central forum for cooperation in the context of continuing recovery and slow growth worldwide, said Thomas Renard, a senior research fellow with the Brussels-based Egmont-Royal Institute for International Relations.
A similar view is shared by Claudia Schmucker, head of the program "Globalization and World Economy" at the German Council on Foreign Relations (DGAP).
"The G20, despite all weaknesses, is the most important global governance forum for economic and financial issues," she said.
Looking back at the development course of the G20, Schmucker noted that the group has achieved a series of positive results regarding global governance in recent years through cooperation among its members.
The results ranged from the common response to the financial crisis in 2008 and support provided by China and other emerging countries during the euro crisis, to agreements on the International Monetary Fund's (IMF) quota reform, financial market regulations and tax reforms, according to Schmucker.
"The debate on global challenges between industrialized and emerging countries, such as the EU and China, has a value in itself, because trust and understanding will be built up between sometimes very different members through the regular G20 meetings. The G20 is the only forum where this is possible," she said.
INTENSIFIED COOPERATION AT UPCOMING SUMMIT
On the upcoming G20 summit in Antalya, Renard said the EU and China are expected to intensify cooperation on a variety of issues regarding global governance.
"Economic issues will be important, as always in G20 meetings. The EU and China have a lot to bring in debates about growth, trade and investment -- separately and together," he said.
He added that the EU and China have both developed their own "investment plans", the so-called Juncker Plan in Europe and a number of domestic initiatives in China, in addition to the more international Belt and Road Initiative and the Asian Infrastructure Investment Bank (AIIB).
"Many EU countries have already joined the AIIB, whereas China has announced that it will support the 'Juncker Plan'," Renard said. "Overall, China and the EU are likely to continue exploring possible avenues for further cooperation on cross-investment."
