B&R Initiative provides new approach for G20 to promote global cooperation

Updated 2017-07-07 16:52:26 Xinhua

As one of two major platforms in the world, the Belt and Road Initiative proposed by China is expected to facilitate G20 summit in propelling the world economic development.[Special coverage]

Heads of state and government are gathering on Friday and Saturday in Hamburg, Germany, to discuss improvement of global governance at the G20 summit, which focuses on economic growth, international trade and financial market regulations.

China successfully held the G20 Hangzhou Summit in 2016 and in May this year the country launched the Belt and Road Forum for International Cooperation in Beijing.

The forum injected a fresh impetus into the rebalance of globalization, and made new contributions to the joint construction of a community of shared destiny for mankind, as Chinese Foreign Minister Wang Yi put it on May 24 in Beijing.

Wang said that the G20 is the most significant platform for global economic governance, while the joint construction of the Belt and Road is the most influential initiative with the largest scale in the contemporary world.

Proposed by Chinese President Xi Jinping in 2013, the Belt and Road Initiative, comprising the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along and beyond ancient trade routes.

The initiative, which embraces the spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit, has gained broad support from more than 100 countries and international organizations.

Despite certain differences in the form and content, there are many similarities and connections in concepts and goals among relevant parties, Wang said.

The Belt and Road Initiative is committed to facilitating all countries to reinforce the alignment of development strategies and policy coordination, so as to form cooperation with coordinated development, which is in line with the G20's goal of promoting global macroeconomic policy coordination, the Chinese minister said.

Meanwhile, policy uncertainties in the developed countries, instability in the emerging markets, and conflicts spilling over from the Middle East posed challenges to global governance which needs a new approach to promote cooperation.

The initiative proposes to enhance infrastructure connectivity, unimpeded trade and financial integration, whereby tapping into new driving force for world economic growth and coping with major challenges facing the global economy.

The notion of the initiative also coincides with the G20's goal of facilitating the vigorous and sustainable growth of the world economy.

As the world economic growth continues to falter at present, protectionism rises in some countries, threatening the fragile recovery.

The initiative's advocation of constructing an open world economy, implementing the 2030 Agenda for Sustainable Development and addressing the problem of uneven global development echoes the G20's endeavor to reinforce global economic governance, Wang said.

The minister added that he believes that the advancement of the Belt and Road Initiative will bring a broader vision and strong impetus to the process of the G20 in the global range.

At the Belt and Road Forum, Xi stressed that "we need to seek win-win results through greater openness and cooperation, avoid fragmentation, refrain from setting inhibitive thresholds for cooperation or pursuing exclusive arrangements, and reject protectionism."

All G20 economies were represented at the forum, which was attended by some 1,500 representatives from over 130 countries and over 70 international organizations.

To date, 68 countries and international organizations have signed agreements with China on Belt and Road cooperation. Total trade between China and other Belt and Road countries exceeded 3 trillion U.S. dollars between 2014 and 2016, and Chinese investment in these countries has surpassed 50 billion dollars.

The initiative has energized the economies by creating demands and job opportunities.

A multi-dimensional infrastructure network is taking shape, which is underpinned by economic corridors featuring land-sea-air transportation routes and information expressways and supported by major rail, port and pipeline projects.

"We hope that the two major platforms could supplement, coordinate and facilitate each other and jointly play a leading role for the healthy development of the world economy, and make respective contributions to the magnificent goal of constructing a community of shared destiny for mankind," Wang said.

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