title

The G20 rose to prominence in 2008 when leaders of the world's 20 leading economies gathered for the first time amid the fear and panic of the global financial crisis.

Through multilateral cooperation, they helped get a beleaguered world economy out of the woods and bring it onto the track of recovery.

But the global economic recovery remains fragile, and it has encountered a surge in protectionism from the world's largest economy that threatens to upend the rules-based multilateral trading regime.

As G20 leaders meet in the Japanese city of Osaka to discuss global economic governance, they face the urgent task to prevent the world economy from being derailed by the unilateralism and protectionism of the United States.

To that end, the G20 Summit needs to send a clear and strong message that there is the shared will to uphold multilateralism and an open world economy so as to renew global confidence in trade liberalization and economic globalization.

As the increasing trade frictions risk dragging the global economy back into crisis, the G20 members need to adhere to the principle of a consensus-based approach to properly handle differences.

The global trading system with the World Trade Organization at the core is standing at a new crossroad. China has, on many occasions, reaffirmed its support for the necessary reform to the WTO to enhance its authority and effectiveness.

Beijing has been a staunch defender of the rules-based global trading system, as its embrace of global rules along with its opening-up policy over the past 40 years has helped China achieve staggering economic development. Only by opening up further and being integrated more deeply into the world can China make even greater strides in achieving high-quality economic growth.

Recently, China has unveiled and pledged its earnest endeavor to implement new opening-up measures, including significantly easing market access, creating a more attractive investment environment, strengthening protection of intellectual property rights and expanding imports.

Along with the China-proposed Belt and Road Initiative, all these measures reflect China's determination to open up wider and make greater contributions to an open world economy.

As China goes forward to fulfill its promises to the world, it stands ready to support multilateralism and uphold the multilateral trading system. For the sake of the well-being of all humanity, the G20 should assert that multilateralism is a must rather than an option.


Disclaimer Statement:


The site does not verify the authenticity of the articles reproduced or translated from the Internet. All views expressed in such articles do not represent the opinions of the site. Please contact us for correction or deletion if you find any misstated source or copyrighted material. Thanks!