China expects further development at G20 summit

Updated: 2013-09-06 16:44


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In order to safeguard a free, open and non-discriminatory multilateral trade system and realize mutually beneficial development, Chinese leaders have urged all countries to oppose protectionism.

China's call is not only a response to its own concerns, but also a commitment to global competition and cooperation.

EU Trade Commissioner Karel De Gucht shares the same feelings on trade protectionism, an important point on the G20 summit's agenda.

"The G20 agreed a long time ago to avoid protectionist tendencies because we all know these only hurt the global recovery in the long run," De Gucht said.

Improve economic covernance

Urging and pushing the International Monetary Fund's quota reform was once an important achievement of the G20 summit.

"It should continue to increase the representation and voice of emerging markets and developing countries," Xi said in a recent written interview with media from Turkmenistan, Russia, Kazakhstan, Uzbekistan and Kyrgyzstan.

"In particular, it should speedily implement the quota and governance reform plans for the IMF, complete on time the IMF's quota formula adjustment and the next round of general quotas review by January 2014, and review the basket of currencies for special drawing rights as scheduled for 2015," Xi said.

The initial results of the IMF's reform have found developing countries' enhanced say not only brings new thinking for development, but also gives them a voice within the IMF.

In a report prepared for this summit, the IMF said emerging economies should introduce intervention measures when the market runs into disorderly fluctuations.

Besides the governance reform, advanced countries' domestic structural reforms also have been an agenda item of the G20 summit for years.

This round of disturbances in emerging markets was triggered by the looming taper of quantitative easing monetary policy of the Federal Reserve but deep structural problems in emerging markets were the root cause. Thus only reform can ultimately consolidate and enhance their sustainable growth.

Among the emerging markets, China undoubtedly leads in structural adjustments.

In addition to the need for emerging markets to vigorously push reform, developed countries' sovereign debt and financial sustainability are also a key global economic risk. This is also a crucial priority of reform for the G20.

Also, G20's operating mechanism needs to be adjusted.

Xi has noted: "Right now, the G20 is in a transition from a crisis-management mechanism to one that is dedicated to long-term economic governance."

Make more contributions

Development has been a priority of the G20 summits. Leading up to the St.Peterburg summit, Russia has called for discussions on issues such as infrastructure, long-term investment and financing and human resources development.

"...the G20 should strive to be a development partner for developing countries. It should fully harness its own advantage and demonstrate greater political commitment to pushing for solutions to global development issues. It should forge more effective global partnerships on development, and mobilize more economic resources to tackle a greater number of development challenges," Xi said.

In this regard, China has been making contributions, with its "heart" and "ability". By the end of 2012, the number of China's infrastructure assistance projects in developing countries has exceeded 1,100.

Most of China's aid is aimed at long-term productivity, which is very important for these countries' poverty reduction and growth.

China believes the deep problem for the global economy is an imbalance in development, and the basic cure for the world economy is to narrow the South-North development gap to achieve balanced development.

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