G20 should aim to achieve sustainable growth

Updated: 2015-11-13 08:07

By Zhuang Yu & liu Cun(China Daily)

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Given that opening-up is the precondition for development, the G20 countries should push for the establishment of an open world economy by opposing protectionism, breaking trade barriers, deepening economic cooperation and improving multilateral trade facilities, in order to help developing countries participate more intensively in the global value chain.

Bilateral and sub-regional trade accords can play a big role in promoting trade, but they are usually discriminatory in nature and offer limited benefits. Resources, technologies and capital can flow freely across the world to help developing countries achieve sustainable development only after bilateral and sub-regional accords are dovetailed into the existing multilateral agreements.

Since innovation is the best tool to promote development, G20 countries should expedite their research and development, share their experiences and strengthen the information platform to boost the potential for and expand the scope of economic growth. They should also take measures to clear the systemic bottlenecks restricting growth.

Development is a long-term mission that can be achieved through the implementation of proper policies.

As the host nation of the G20 summit in 2013 and also the largest developing nation, China understands better than most countries the necessity and urgency of development, and the relationships between development and opening-up, and inclusiveness and innovation. As a result of that understanding, the China-led Belt and Road Initiative is aimed at yielding common benefits. Also, the establishment of a development fund to help increase investment in least-developed countries is expected to help developing countries realize sustainable development.

Only comprehensive, balanced and inclusive growth can help remove inequality and injustice, and realize sustainable development in the true sense of the term.

The authors are Beijing-based G20 observers.

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