Bali, Indonesia, Nov. 13 (Xinhua) -- The world looks forward to the G20 Bali Summit bringing confidence to economic recovery
Xinhua News Agency reporter Hao Yalin Yu Qianliang
The 17th G20 Summit will be held in Bali, Indonesia, on November 15-16. The international community expects the summit to build consensus, promote major economies to strengthen macroeconomic policy coordination, and voice adherence to multilateralism, openness, inclusiveness and mutually beneficial cooperation, so as to inject confidence into global economic recovery and the international community's joint efforts to address global challenges. It is expected that China will continue to play an active role in the G20 and contribute wisdom and strength to solving the global development dilemma and promoting the open, inclusive, balanced and inclusive development of the world economy.
Focus on common challenges
At present, the new crown epidemic has been delayed repeatedly, the global economic recovery is fragile and tortuous, the world has entered a new period of turbulence and change, and risks and crises are emerging one after another. As an important platform for responding to global crises and reforming and improving global economic governance, the role of the G20 has attracted much attention.
Under the theme of "Together for a Strong Recovery", the Bali Summit focused on three priorities: global health infrastructure, digital transformation and sustainable energy transition. In terms of global health infrastructure, the conference will explore responses to the pandemic and the transformation of global health infrastructure to contribute to strengthening the resilience of global health systems to make them more inclusive, equitable and resilient to crises. In terms of digital transformation, the conference will discuss important issues in the field of digital and economy, focusing on creating a more inclusive digital transformation environment for the world. In the context of a sustainable energy transition, relevant meetings will address issues such as ensuring energy accessibility, enhancing smart and clean energy technologies, and promoting energy finance.
Bambang Suryono, chairman of the Asian Innovation Research Center, an Indonesian think tank, said that the digital economy, as a new driving force for world economic growth, has become very critical.
Peter Drysdale, director of the East Asian Economic Institute at the Australian National University, pointed out that climate change is a topic of common concern to the international community and an issue where key members of the G20 are expected to make important progress. It is important to make significant progress on such critical issues.
"These issues are common challenges for the international community, which cannot be addressed by one country alone, and their impact is not limited to one country or region. This year's summit needs to come up with a global solution to these problems, one that is multilateral and collective, rather than prioritizing the interests of one country. Nehru University in India, professor De Boger, said.
The situation of cooperation is urgent
This is August 31, 2022, and staff members work on the CoronaVac vaccine production line at the Butantan Institute in São Paulo, Brazil. Xinhua News Agency (Photo courtesy of Brazil's Butantan Institute)
At present, the world economy is suffering from multiple shocks, and many countries are facing rising inflationary pressure. Some advanced economies have raised interest rates aggressively to address their own inflation problems, and their spillover effects have affected global financial stability and put emerging markets and developing countries under great pressure.
The International Monetary Fund (IMF) reported in October that global economic growth is expected to slow further to 2.7% in 2023, down 0.2 percentage points from its July forecast.
"The international community needs to cooperate more than ever, and that's what we want the G20 to do." Leaders need to engage constructively in discussions and come up with positive solutions. Drysdale said.
Indonesian Foreign Minister Letno said at the general debate of this year's General Assembly that the world hopes that the G20 will become a catalyst for the economic recovery of the global economy, especially developing countries. The global economic recovery cannot be left to the mercy of geopolitics.
Sulyono said that the growth gap between developing economies has suffered greater losses and trauma than developed economies, and the recovery momentum is weaker, Sulyono said.
Wang Wen, executive director of the Chongyang Institute for Financial Studies at Chinese Minmin University, said that from this year, Indonesia, India and Brazil will successively assume the rotating chairmanship of the G20. Since the rotating presidency has the leading authority over the design of the summit agenda that year, such an arrangement means that the topics of international financial institution reform, poverty reduction, infrastructure construction, and digital upgrading that emerging countries are concerned about are expected to be given higher priority, and the agenda setting of global governance will be more coherent.
China is highly anticipated
Chinese and Italian construction workers lift wind turbine blades in Taranto, a seaport in southern Italy, January 27. Xinhua News Agency (Photo by Paula Sarapa)
As the world's second largest economy and largest developing country, China has always promoted the G20 to play a leading role in addressing global challenges and improving global economic governance, and supported the enhancement of the representation and voice of emerging market countries and developing countries in global affairs. In the face of the current complex and sensitive global situation, the international community is particularly looking forward to China's voice and plan at this summit.
Diberger said that China has done a lot to deal with the new crown epidemic, not only strengthening its own capacity building, but also helping other developing countries overcome the difficulties of insufficient capacity and strengthen the health infrastructure needed to deal with the new crown epidemic. It is expected that China will continue to promote the construction of a global health system at this summit.
Kiyoyuki Seguchi, research director of Japan's Canon Institute for Global Strategy, said that China adheres to the correct path of economic globalization. China is committed to working with other countries to create an international environment conducive to development and inject new impetus into world economic growth.
Drysdale said that China firmly supports multilateralism and supports the reform of the world trading system with other countries, and China is crucial to uniting G20 countries to cope with global challenges. (Participating reporters: Jiang Lei, Bai Xu, Tu Yifan, Zheng Shibo)
Source: Xinhuanet