Zheng Junfeng is a business news anchor at China Global Television Network (CGTN), a division of China Media Group. Picture: Supplied
by Zheng Junfeng
The G20 Leaders’ Summit, currently underway in Rio de Janeiro, Brazil, convenes the world’s top 20 economic powerhouses. They together represent over 80% of the world’s GDP, 75% of global trade, and 66% of the global population.
Their discussions in Rio have significant implications for the entire world, and these leaders are tasked with the duty of driving global progress. The larger the economy, the greater the responsibility it bears.
The theme of this year’s G20 summit is “building a just world and a sustainable planet.” This echoes the call of the times and resonates with the desires of people worldwide.
A world that is just demands peace and security. China advocates peace negotiations for the Ukraine crisis and a comprehensive ceasefire in Gaza, putting an end to fighting and humanitarian crises, in accordance with the principles of the UN Charter.
For a sustainable planet, sustainable development across climate, energy, technology, trade and finance is essential, and the cooperation of G20 members is vital.
In the energy sector, G20 leaders have committed to doubling global renewable energy capacity by 2030 and have recognized the gradual phasing out of coal power, after launching the Global Biofuel Alliance in 2023 to promote sustainable biofuels.
In the realm of technology, China is advancing the Global Digital Compact to narrow the digital divide between the global North and South and supports the establishment of a global AI governance framework.
On trade, during a meeting with U.S. President Joe Biden in Rio, Chinese President Xi Jinping reiterated China’s stance against “small yard, high fence” type of trade barriers and protectionism of any kind. The just concluded APEC meeting in Lima, Peru, also saw China advocating for an open trading environment around the Pacific Rim.
China plays a constructive role within the G20 framework. It has been a key driver of global economic growth, with its export volume leading globally for 15 years in a row and its import ranking second over the same period. China’s Belt and Road Initiative is in line with the G20’s development philosophy, providing more development opportunities for the Global South. Furthermore, China’s Global Development Initiative has received support from over 100 countries, engaging in over 1100 cooperation projects and contributing to the UN’s 2030 Agenda for Sustainable Development.
However, as one of the world’s largest economies, the United States must also fulfill its responsibilities, regardless of who is in power. In global economic cooperation, the U.S. should not concentrate solely on its interests but should work with other nations to tackle global challenges. For example, the U.S. rate moves, and dollar index have great influence on global markets. UN Secretary-General Guterres has stressed that the international financial architecture is outdated, unfair, inefficient, and inadequate for the needs of developing and fragile countries. The U.S. should collaborate with other G20 members to reform international financial institutions and amplify the voices of developing countries.
* Zheng Junfeng is a business news anchor at China Global Television Network (CGTN), a division of China Media Group.
** The views expressed here are not necessarily those of Independent Media.
Daily News