History is littered with crises from which the world emerged as a better and safer place, and these critical times have demonstrated that global unity and cooperation is a critical force in turning the tide.
Across the planet, a protracted COVID-19 pandemic continues to wreak havoc. The global economy is teetering towards the precipice, and the resurgence of protectionism, unilateralism and hegemonism pose a serious threat to world peace and development, not to mention other pressing planetary challenges such as climate change.
As the leaders of the world’s 20 largest economies prepare to meet in Bali, Indonesia, the importance of sending a clear message advocating solidarity and rejecting a zero-sum, bloc-confrontation mentality cannot be overstated.
The theme of the Group of 20 (G20) summit in Bali, “Recover Together, Recover Stronger”, gives a note of realism that only by galvanizing and synergizing international efforts will humanity be able to face the formidable challenges of today and prosper in the future.
The Bali summit comes as fears of economic recession haunt many parts of the world. While numerous factors are coming together to create a bleak global economic outlook, the dangerous attempts by some countries to sow division and form exclusive small circles and blocs should be of grave concern.
The world also demands that these leading economies strengthen macroeconomic policy coordination now more than ever. Certain developed countries are currently pursuing aggressive monetary policies without regard to their impact on other parts of the globe, especially the developing world.
A stronger global economic recovery requires win-win cooperation and greater openness. Like the world’s major economies, the G20 countries need to send a clear message of opposition to unilateralism, protectionism and the so-called “decoupling” fallacies.
They must also commit to building an open world economy and facilitating the free flow of talent and technologies, crucial factors in fostering new growth impulses in any strong and sustainable recovery.
The Bali summit comes as the world is still in the midst of a devastating pandemic. The nearly three-year global fight against COVID-19 should serve as a reminder of how interconnected the world is. In the face of a common enemy, no one is safe until everyone is safe.
COVID-19 will certainly not be the last global health crisis. With their joint influence, the G20 should lead the way in jointly strengthening global health resilience and helping to make the global health system more inclusive, equitable and crisis-responsive.
If history is any guide, the future of humanity depends on solidarity and overcoming failures in difficult times. All countries are sailing on a giant ship on which their future depends. That’s how they can be strong enough to weather a storm together.
Standing at a crucial juncture in human history, the world’s major economies have significant responsibilities to stay on track. Committed to sharing its development opportunities with the rest of the world, China talks about opening up and cooperating with the rest of the world.
At the opening ceremony of the 5th China International Import Expo earlier this month, Chinese President Xi Jinping said that China will work with all countries and all parties to share opportunities in the vast Chinese market, from the institutional opening of the China and the deepening of international cooperation.
“China stands ready to work with all countries to practice true multilateralism, build more consensus for openness, jointly overcome the difficulties and challenges facing global economic growth, and ensure that its commitment to openness will bring broad prospects for global development. ” said Xi.
Humanity is at a critical juncture once again, and all eyes are on those in the lead. The G20, which represents around two-thirds of the world’s population and accounts for more than 80% of the world’s GDP and 75% of international trade, must respond to the call and work together to ensure global economic recovery and prosperity.
