G20 should set right direction for cooperation

The G20 Summit will be held in Osaka, Japan, on Friday and Saturday amid rising economic uncertainties across the world. Unilateralism has had a serious impact on the postwar world order and caused instability in different regions. Protectionist policies are eroding the foundation of the multilateral trading system and have caused international trade to shrink significantly. Bullying tactics used by a particular country is disrupting global value chains, hindering the application of new technologies, and weakening the global growth momentum. And a decline in global productivity and people's welfare threatens to follow.

The International Monetary Fund has forecast a decline in global growth this year. Moreover, sustainable development, climate change, environmental protection and other problems facing human beings have not received the due attention and investment they deserve.

Will economic globalization come to an abrupt end? Or has the global economic governance system already failed?