Chinese President Xi Jinping delivered a significant speech during Session II of the 19th G20 Summit, presenting a comprehensive blueprint for the reform of global governance institutions. Emphasizing the need for equitable global governance centered around a shared future and a multipolar world, President Xi called for a development model based on cooperation, mutual benefit, and shared prosperity.
In contrast to the prevailing atmosphere of rivalry in international relations, Xi highlighted that while the G20 has achieved considerable milestones since its inception 16 years ago, the global community must advance reforms to ensure a fairer and more sustainable future.
Five Key Areas for Global Governance Reform
President Xi outlined five critical areas where global governance reforms are urgent: economic governance, financial governance, trade governance, digital governance, and ecological governance. Each area reflects China’s broader vision for a more inclusive and balanced global order.
1. Improving Global Economic Governance
Xi stressed the importance of the G20 prioritizing cooperation in economic policy. Reinforcing global economic governance and macroeconomic policies is essential to ensure global economic stability and foster an open, inclusive international economic environment. He emphasized the need for G20 nations to work together to address systemic issues such as poverty, inequality, and economic exclusion. A key component of this cooperation is combating corruption and enhancing international cooperation in asset recovery, maintaining clean governance as vital for global economic governance.
2. Strengthening Global Financial Governance
Xi pointed to the need for greater representation of developing countries within global financial institutions. While China’s South-South cooperation efforts have significantly contributed to the development of the Global South, more must be done to ensure financial institutions reflect the realities of a changing world. Xi urged G20 nations to stabilize international financial markets and enhance support for innovative measures in developing countries.
3. Reforming Global Trade Governance
Xi emphasized the urgent need to reform the global trading system, advocating for comprehensive reforms within the World Trade Organization (WTO) to make it more responsive to 21st-century challenges. He called on G20 nations to resist protectionism and focus on ensuring that the global market remains open and integrated. Xi noted that protectionism slows global economic growth and that free and fair competition drives progress and prosperity.
4. Advancing Global Digital Governance
Recognizing the critical role of the digital economy in shaping the future, Xi’s vision extends to the digital realm. He highlighted China’s achievements in digital innovation and e-commerce, emphasizing the importance of fostering international cooperation to ensure that the benefits of the digital economy are shared equitably across the globe.
5. Enhancing Global Ecological Governance
A significant portion of Xi’s speech was dedicated to climate change and ecological sustainability. China’s commitment to green development and climate action underscores its leadership in promoting a green economy and society. Xi stressed the importance of fully implementing the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework, urging G20 nations to focus on climate change and green developments by implementing the Sustainable Development Goals.
Global Security and Political Stability
In addition to economic and environmental initiatives, Xi addressed global security and political stability. He called for strengthening the United Nations Security Council’s role in addressing global conflicts and crises, including the ongoing war in Ukraine and the humanitarian crisis in Gaza. Xi emphasized that peaceful resolutions and diplomacy are the only viable paths toward long-term stability and security.
China’s commitment to supporting multilateral efforts to maintain peace and security underscores the importance of upholding international law and the principles of the UN Charter. Xi’s call for peaceful, diplomatic solutions aligns with China’s broader stance on global conflict resolution, emphasizing negotiation and cooperation over unilateral action or military intervention.
As the G20 Summit concluded, the adoption of the Rio de Janeiro Leaders’ Declaration marked a renewed commitment to global cooperation and multilateralism. Xi’s remarks resonated strongly with Brazilian President Luiz Inácio Lula da Silva, who chaired the summit and endorsed Xi’s call for collective action in shaping a more equitable global future.
With a renewed focus on equity, innovation, and sustainability, Xi’s proposals set the stage for a more balanced global governance framework. His vision aligns with China’s broader goal of creating a multipolar world where development and cooperation go hand-in-hand, and no country is left behind. Xi’s emphasis on multilateralism and reform challenges current global structures and seeks to create a more just and equitable system for all nations.
Reference(s):
President Xi Jinping calls for fair global governance at G20 summit
cgtn.com
