At the 19th G20 summit's Session II, the Chinese premier delivered a compelling speech outlining a visionary roadmap for reforming global governance institutions. Xi Jinping emphasized the necessity of equitable governance, advocating for a shared future within a multipolar world.
Contrasting the recent climate of international rivalry, Xi proposed a development model rooted in cooperation, mutual benefit, and shared prosperity. He acknowledged the G20's significant achievements over the past 16 years and called for continued reforms to foster a more just and sustainable global landscape.
Five Key Areas for Global Governance Reform
Xi highlighted five critical areas requiring urgent reform: economic governance, financial governance, trade governance, digital governance, and ecological governance. These focus areas reflect China's broader vision for a more inclusive and balanced global order.
1. Improving Global Economic Governance
The premier stressed the importance of prioritizing cooperation in economic policy within the G20. Strengthening global economic governance and macroeconomic policies is essential for ensuring stability and fostering an open, inclusive international economic environment. Addressing systemic issues such as poverty, inequality, and economic exclusion, along with combating corruption, are pivotal for global economic stability and growth.
2. Strengthening Global Financial Governance
Xi underscored the need for greater representation of developing countries in global financial institutions. While China's South-South cooperation has significantly contributed to the Global South's development, more efforts are needed to ensure financial institutions reflect the changing global dynamics. Stabilizing international financial markets and supporting innovative measures in developing countries are crucial steps forward.
3. Reforming Global Trade Governance
A central theme of Xi's speech was the urgent need to reform the global trading system. Comprehensive reforms within the World Trade Organization (WTO) are necessary to address 21st-century challenges. Xi called on G20 nations to resist protectionism and ensure the global market remains open and integrated, emphasizing that free and fair competition drives progress and prosperity.
4. Advancing Global Digital Governance
Xi highlighted the critical role of the digital economy in shaping global governance. He praised China's digital innovation and robust governance as a model for G20 countries. Promoting international cooperation in digital transitions is essential to ensure the benefits of the digital economy are equitably distributed worldwide.
5. Enhancing Global Ecological Governance
Addressing climate change and ecological sustainability was a significant focus of Xi's address. He reiterated China's commitment to green development and climate action, advocating for the full implementation of the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework. Learning from China's ecological governance can be highly beneficial for achieving the Sustainable Development Goals (SDGs).
Global Security and Political Stability
In addition to economic and environmental reforms, Xi addressed the importance of global security and political stability. He called for strengthening the United Nations Security Council's role in resolving global conflicts and crises, including the war in Ukraine and the humanitarian crisis in Gaza. Xi emphasized peaceful diplomacy and multilateral efforts as the only viable paths to long-term stability and security.
The summit concluded with the adoption of the Rio de Janeiro Leaders' Declaration, reinforcing a renewed commitment to global cooperation and multilateralism. Xi's vision for a multipolar world, where development and cooperation ensure no country is left behind, aligns with Brazil's President Luiz Inacio Lula da Silva's endorsement of collective action for a more equitable global future.
With a focus on equity, innovation, and sustainability, Xi's proposals pave the way for a balanced global governance framework, challenging existing hegemonic structures and advocating for a just and fair system for all nations.
Reference(s):
President Xi Jinping calls for fair global governance at G20 summit
cgtn.com
