More Action Following Declaration



More Action Following Declaration

As the curtain has fallen on this year’s G20 Summit in Hangzhou， now is the time for leaders of the world’s top 20 economies to put words into action and make the summit resolutions relevant to businesses and people.

A resounding narrative from this year’s summit asserted that the world economy may never be able to return to pre-2008 crisis levels of growth—a new normal that all countries have to face up to. Though nations bearing the full brunt of the 2008 global financial crisis have recovered， their performances so far are lackluster. The European debt crisis， high unemployment rates， and the widening inequality in major economies—caused in part by excessive quantitative easing—have all demonstrated that traditional forms of governance may not be applicable in today’s world.

The creation of the G20—an expansion of the G7—and the regular meeting mechanism at various levels are innovative in that they bring together developed and developing nations to solve the urgent problems of our time. Developing nations are expected to play a more assertive role in major international organizations due to their rising status in the global economy.

When planning for the future， leaders at the summit take both short-term and longterm goals into consideration. China has shown its willingness to lead by ratifying the Paris Agreement on climate change together with the United States. Though still awaiting 30 more country signatures to make the agreement obligatory， China will nonetheless do its part to combat global warming and reduce environmental hazards.

Top leaders attending the summit vowed to offer inclusive financing to assist the growth of small and medium-sized companies （SMEs）. Traditionally， large corporations have reaped the biggest rewards from strong government and bank support，making themselves “too big to fall.” SMEs create about 80 percent of jobs in China’s urban areas but increasingly suffer from lack of financing. The determination of global leaders should make it more feasible for international financial institutions like the World Bank to implement programs that help SMEs without political hindrance.

China， with the successful hosting of the Hangzhou Summit， has underlined its ambition to lead a new round of economic reform in the world through practical engagement with other big powers. The chance for face-to-face interactions among G20 leaders is important， as it helps to alleviate the tensions of anti-globalization and remind everyone in the world that all peoples from all walks of life are interconnected and interdependent. ■