Business / Hangzhou G20

China endows G20 with long-term vision: Argentine experts

(Xinhua) Updated: 2016-09-07 10:22

BUENOS AIRES - As host of the recent Group of 20 (G20) Summit, China has helped redefine the group's mission, and in the process given it long-term vision, say Argentine experts.

In setting the tone and theme of the gathering held on Sept 4-5 in the eastern city of Hangzhou, China reoriented the group's role away from putting out fires to one of spearheading measures that will encourage development and stability around the globe, according to Nadia Radulovich and Maria Cecilia Peralta, co-founders of consulting group Asia Viewers.

China facilitated the G20's transition "from a crisis-management mechanism to one focused on long-term governance aimed at orienting global economic growth and international economic cooperation," the experts told Xinhua in an interview.

China's proposed initiatives are an invitation to member countries to work toward shared development by implementing a common set of guiding principles, added Radulovich and Peralta, who was also a form member of the China experts group at the Argentine Council for International Relations (CARI).

"China seeks to take on a leading role in the high expectations the summit generated, but this mission is directed to all of the participants, since there has to be a joint effort to maximize achievements and minimize hardships, generating a plan of action and institutional guarantees that benefit everyone," said the consultants.

The guiding principles were spelled out from the very start, when China announced this year's G20 would take place under the banner: "Building an innovative, strengthened, interconnected and inclusive global economy."

"China has said that, as part of the G20, it will seek to build an innovative, dynamic, interconnected and inclusive global economy, exploring new ways to promote development and structural reforms," the experts said.

China's global, inclusive outlook also "marks the first time the G20 takes steps oriented towards the global development of countries -- not just its 20 members, but the entire world," they noted.

Chinese President Xi Jinping's opening speech to the gathering, in which he called for an end to the divisive Cold War mentality that continues to polarize world powers, and greater dialogue and cooperation, laid out that vision, they said.

Such a world would be characterized by economic connectivity and exchange between countries to improve economic and financial performance and ensure all countries equal access to the benefits of economic growth to fight inequality.

"Many are wondering about China's role and the importance of its economy as an engine of global growth," the experts said, adding "President Xi has said actions will answer those questions or doubts."

China, they said, aims to pursue its proposed initiatives through consensus, and by taking an active role in building a global system of governance, contributing Chinese wisdom and its capacity to plan for the long term.

The 2016 G20 Summit concluded on Monday with the adoption of a statement outlining the group's direction and development goals, and with the Hangzhou Consensus on facilitating global economic growth through comprehensive, open, innovative and inclusive long-term measures.

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