During Session II of the 19th G20 Summit on Wednesday, Chinese President Xi Jinping delivered a remarkable speech in which he outlined a sweeping plan for reforming the institutions of global governance.
The need for fair global governance, focused on a multipolar world and the common future, was heavily emphasized in his speech.
Xi advocated a development paradigm based on cooperation, reciprocity and shared prosperity, which stands in stark contrast to the dominant climate of antagonism that has characterized international interactions in recent years.
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He stressed that even though the G20 has achieved a lot since its founding sixteen years ago, reforms still need to be promoted by the international community to ensure a more just and sustainable future.
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Xi’s speech outlined five critical areas where global governance reforms are not only necessary but urgent.
These include economic governance, financial governance, trade governance, digital governance and environmental governance. Each of these areas reflects China’s broader vision for a more inclusive and balanced world order.
Xi stressed the importance of the G20 continuing to prioritize economic policy cooperation.
Global economic governance and macroeconomic policies will be strengthened to ensure global economic stability and promote an open, inclusive international economic environment.
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In particular, he emphasized the need for G20 countries to work together to tackle systemic issues such as poverty, inequality and economic exclusion. The essential part of this cooperation is to eradicate corruption and improve international cooperation in asset recovery.
“Zero tolerance” in the fight against corruption, when it comes to maintaining clean governance, is essential for global economic governance. The corrupt practices always undermine global stability and economic growth.
Xi also pointed out the need for greater representation of developing countries within global financial institutions. China’s South-South cooperation efforts have made significant contributions to the development of the Global South. Much remains to be done to ensure that financial institutions reflect the realities of a changing world. Unfortunately, international financial institutions sometimes exploit developing countries extensively, especially in economic terms.
The G20 countries should step up efforts to stabilize international financial markets and increase support for innovative measures in developing countries.
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One of the central themes of Xi’s speech was the urgent need to reform the global trading system. The comprehensive reforms within the World Trade Organization (WTO) to make it more responsive to the challenges of the 21st century. G20 countries must resist protectionism and focus on ensuring that the global market remains open, integrated and free from divisive measures disguised as environmental or security-related policies. It is widely noted that protectionism only serves to slow global economic growth. Free and fair competition has always been the engine of progress and prosperity. In the new technological progress and growth where there is healthy competition, it must continue to flourish.
Xi’s vision for global governance also extends to the digital world. The role of the digital economy is booming. China’s digital world and e-commerce have reached the highest level of innovation. The Chinese digital market has enormous potential and is one of the role models for the G20 countries. China’s digital market has strong regulations and governance. In today’s world, the critical role of the digital economy in shaping the future of global governance is the backbone of any economy. As countries navigate the complexities of digital transitions, it is important to promote international cooperation to ensure that benefits are equitable across the world.
A significant portion of Xi’s speech was devoted to the pressing issue of climate change and environmental sustainability. China’s commitment to green development and climate action underlines the country’s leadership in promoting a green economy and society over the past decades. China’s role in turning the skies blue is a startling witness when it comes to Beijing’s strong commitment and initiatives. Although the G20 has a strong focus on climate change and green developments by implementing the Sustainable Development Goals (SDGs), learning from China in the field of environmental governance can be very fruitful. China’s commitments to climate targets highlighted the importance of fully implementing the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework.
In addition to economic and environmental improvement, Xi also focused on global security and political stability. Global security governance is a fundamental part of global governance itself. It is time to strengthen the role of the United Nations Security Council in addressing global conflicts and crises, including the ongoing war in Ukraine and the humanitarian crisis in Gaza. The peaceful resolutions and diplomacy are the only viable paths to long-term stability and security in the conflicts the world is witnessing. China’s commitments to the peaceful resolution of these conflicts have always been initiated from Beijing.
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China’s commitment to supporting multilateral efforts is to maintain peace and security and underlined the importance of upholding international law and the principles of the UN Charter. The call for peaceful, diplomatic solutions is consistent with China’s broader position on the resolution of global conflicts, which emphasizes negotiations and cooperation rather than unilateral action or military intervention.
As the G20 Summit draws to a close, the adoption of the Rio de Janeiro Leaders’ Declaration marked a renewed commitment to global cooperation and multilateralism. Xi’s comments resonated strongly with Brazilian President Luiz Inacio Lula da Silva, who chaired the summit and endorsed Xi’s call for collective action in shaping a more just global future.
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