New global situation requires G20 to craft new strategies_News--China Economic Net
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New global situation requires G20 to craft new strategies
Last Updated(Beijing Time):2010-11-11 07:12

In line with this spirit, substantive progress has been made in the reform of the international financial system, with emerging economies and developing countries now having a bigger say in both the World Bank and the International Monetary Fund.

The latest transfer of voting rights and quota shares is a good start, but should not be an end to the reform of the two main international financial institutions. Governance models and other essential issues have now entered the reform agenda.

The Seoul summit, therefore, should build on the current reform momentum to further increase the representation and decision-making powers of emerging economies and developing countries, so as to reflect the latest global economic landscape and garner more extensive and effective involvement of all parties.

No less fundamental is the task to shore up global economic recovery, which is still fragile in the fallout of a worldwide downturn and susceptible to a range of uncertainties. The smell of currency wars lingers in the air, protectionist tendencies are restlessly on the rise, and some economies have behaved to the effect of burning the bridge after crossing it.

Such a murky picture demands that G20 policymakers strengthen macro-policy coordination and send a clear message to the market that they are united against major global economic challenges. Meanwhile, they should make concerted efforts to narrow the gap between the North and the South and navigate the world toward common prosperity.

A new situation contains uncertainties, and also conceives opportunities. Against such a backdrop, the Seoul summit should act decisively, following the principles of mutual benefit and win-win progress, to promote cooperation and improve governance to guarantee a steady recovery and robust, sustained and balanced growth of the world economy.

G20 leaders should make full use of their constructive wisdom to overcome the various obstacles and reach extensive consensus that reflects the major concerns of all members, so that the summit can bear fruit to the benefit of all.

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