Building a fairer world

Updated: 2013-09-05 07:45

(China Daily)

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With leaders of the Group of 20 meeting in the Russian city of St. Petersburg, hopes are high that they will be able to reach a consensus on ways to deepen international cooperation, promote global economic growth and improve the international system of economic governance.

Achieving strong, sustainable and balanced growth is a common imperative worldwide, and the G20, which groups the world's major developed and emerging economies, has established itself as an important platform for prescribing remedies for the world's economic ills.

And there are plenty of ills that need to be taken care of. The global economic recovery is still volatile and lackluster, trade protectionism has raised its ugly head again and some developed countries are shying away from shouldering their international responsibilities, adding new uncertainties.

Developed countries should be aware that no country can make itself immune to the world's economic ills and that economic policies in one country will have an effect on others. Hence, as the US Fed tapers off its quantitative easing, it should pay attention to the effects it will have on others. The G20 nations should set an example for the world and truly commit themselves to the road of common development and do more to coordinate their economic and finance policies for the common good.

Over the years, China has played a constructive role in international cooperation within the framework of the G20, and President Xi Jinping will elaborate China's views on the global economic situation and reform and push for a greater unity of purpose.

As the G20 summit has emerged as an important vehicle for dialogue between developed and developing countries, all members should strive to reach a consensus on ways to establish a fairer and more effective international economic order, including reform of such organizations as the International Monetary Fund and the World Bank.

Also, the Syria crisis is likely to feature on the summit's agenda, as the allegations of chemical weapons being used have reached breaking point now that the US Barack Obama administration is rallying support both at home and abroad for military intervention.

However, even before the meeting it was clear there is little support for military action, and it will come as no surprise if the other leaders at the summit are reluctant to line up behind the US.

(China Daily 09/05/2013 page8)