President Xi Jinping Calls for Equitable Global Governance at G20 Summit
At the 19th G20 summit, Chinese President Xi Jinping delivered a compelling speech outlining his vision for reforming global governance. Emphasizing the need for a fair and sustainable future, President Xi highlighted the importance of cooperation, mutual benefit, and shared prosperity in an increasingly multipolar world.
Five Pillars of Global Governance Reform
President Xi identified five critical areas where global governance requires urgent reform: economic governance, financial governance, trade governance, digital governance, and ecological governance. Each pillar underscores China’s commitment to fostering an inclusive and balanced global order.
1. Enhancing Global Economic Governance
Stressing the importance of collaborative economic policies, President Xi urged G20 nations to reinforce global economic stability and promote an open, inclusive international environment. He called for joint efforts to tackle systemic issues like poverty, inequality, and economic exclusion. Rooting out corruption and strengthening international cooperation in asset recovery were highlighted as essential components in maintaining clean governance and fostering economic growth.
2. Strengthening Global Financial Governance
President Xi advocated for greater representation of developing countries within global financial institutions. He emphasized that financial systems must reflect the changing realities of the world, noting that developing nations often face exploitation in international finance. Enhancing support for innovative measures and stabilizing financial markets were presented as key steps toward a more equitable financial landscape.
3. Reforming Global Trade Governance
Addressing the urgent need to reform the global trading system, President Xi called for comprehensive updates within the World Trade Organization (WTO) to meet 21st-century challenges. He urged G20 members to resist protectionism and to keep global markets open and integrated. Free and fair competition, he argued, is the engine of progress and prosperity, especially in an era of rapid technological advancement.
4. Advancing Global Digital Governance
President Xi highlighted the critical role of the digital economy in shaping the future. He pointed to China’s own digital innovation and e-commerce boom as a model for G20 nations. Emphasizing strong regulations and governance, he called for international cooperation to navigate digital transitions, ensuring that the benefits are shared equitably across the globe.
5. Enhancing Global Ecological Governance
Climate change and ecological sustainability were major themes in President Xi’s address. He reaffirmed China’s commitment to green development and climate action, underscoring the country’s leadership in promoting a green economy. He emphasized the importance of fully implementing international agreements like the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework.
Promoting Global Security and Political Stability
Beyond economic and environmental concerns, President Xi also addressed the necessity of global security governance. He called for strengthening the United Nations Security Council’s role in resolving conflicts and crises worldwide. Advocating for peaceful resolutions and diplomacy, he emphasized that these are the only viable paths toward long-term stability and security.
A Vision for a Shared Future
As the G20 summit concluded, the adoption of the Rio de Janeiro Leaders’ Declaration signaled a renewed commitment to global cooperation. President Xi’s remarks resonated with leaders like Brazilian President Luiz Inácio Lula da Silva, who endorsed the call for collective action in shaping a more equitable global future.
President Xi’s proposals set the stage for a more balanced global governance framework, aligning with China’s broader goal of fostering a multipolar world where development and cooperation leave no nation behind. His emphasis on multilateralism and reform challenges existing global structures and seeks to create a just and equitable system for all.
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President Xi Jinping calls for fair global governance at G20 summit
cgtn.com
