Commentary
BEIJING – The 16th Group of 20 (G20) Leaders’ Summit has just concluded in Rome of Italy, highlighting the platform’s pivotal role in addressing economic and pandemic challenges facing the global community.
The summit was held as the spread of COVID-19 continues and the world’s economic recovery is fraught with instability and uncertainty. The leaders of the G20 have underlined the crucial role of multilateralism in finding shared, effective solutions.
The COVID-19 pandemic has exacerbated unilateralism and protectionism and disrupted the global industrial and supply chains.
As President Xi Jinping said at the event, solidarity and cooperation are the most powerful weapons. He urged the G20 to play a leading role in building consensus, mobilizing resources and promoting cooperation.
Noting COVID-19 has made a complex and far-reaching impact on the world economy, Xi called for strengthening coordination to promote recovery, urging major economies to adopt responsible macroeconomic policies and the improvement of the global economic governance system and rules.
As the G20 represents 80 percent of the world’s total greenhouse gas emissions, the G20 members also need to adhere to the principle of common but differentiated responsibilities. Developed countries need to lead by example on emissions reduction, fully accommodate the special difficulties and concerns of developing countries and deliver on their commitments of climate financing.
Since solidarity and cooperation are indeed the best weapons, the G20 members remain determined to use all available tools to address the adverse consequences of the pandemic. They should continue to sustain the recovery, avoiding any premature withdrawal of support measures, while preserving financial stability and long-term fiscal sustainability and safeguarding against downside risks and negative spill-overs. The G20 members remain vigilant to the global challenges that are impacting their economies, such as disruptions in supply chains.
For a long time, China has been attaching great importance to adhering to true multilateralism, upholding openness and inclusiveness. While China is walking its talks and honoring the spirit of true multilateralism, the G20 members should also support each other through thick and thin. This way, they will be able to overcome the rough waves of the world economy and the pandemic and embark on a brand new voyage for future growth. – Xinhua
