China’s understanding and China’s solution build international consensus
Fan Libo Yuan Xin
(Source: "Guangming Daily" 2016Year10month19日15version)
International Monetary Fund (IMF) in this year7Forecast in the "World w88 sports betting Outlook" released in March,2016The annual global w88 sports betting growth rate is3.1%, possible record2009A new low since the beginning of the year. World w88 Organization (WTO) in this year4Month General2016Global w88 growth is expected to increase from3.9% reduced to2.8%. if say2008The global financial crisis marked a strategic turning point in the world economy,8Today, 20 years later, the world economy is still stuck in the "new mediocrity". In order to control the "new mediocrity", two forces are worthy of attention and crackdown: First, governments of various countries have generally adopted economic intervention policies, but there are differences in degree; second, the rise of anti-globalization and w88 protectionism has greatly slowed down the pace of world economic recovery.
In the context of disordered globalization, if governments of various countries continue the policy practice of "sweeping the snow in front of each other" and fail to enhance the leadership, decision-making and execution capabilities of global governance through consensus and joint action, it will only lead to further worsening of the disorder problem. In short, the world economy urgently needs to transform from a "new mediocrity" to a "great stability" pattern, and urgently needs solutions that can re-give life and vitality to the world economy. At this critical point,G20The Hangzhou Summit proposed a Chinese plan for the world economy that addresses both the symptoms and root causes.
Practice precedes theory. The proposal of China’s plan first benefits from China’s exploration, hard work, and pioneering transformation when the world economy is still recovering from a long-term illness. It comes from the confident summary of the rapid w88 sports betting growth, deepening of reforms, and poverty eradication since the reform and opening up. It provides Chinese ideas and Chinese wisdom for solving the “new mediocrity” state of the world economy. As the most fruitful summit among all previous summits, the Hangzhou Summit adopted the "G20 Leaders Hangzhou Summit Communiqué" and approved the "Innovative Growth Blueprint", etc.28This valuable outcome document is determined to build a new blueprint for the world economy that is "innovative, dynamic, interconnected, and inclusive" by "strengthening policy coordination, innovating growth methods, building more efficient global economic and financial governance, promoting stronger global w88 and investment, and promoting inclusive and interconnected development." This China plan contains three basic strategic points: entry point, growth point and commanding heights. The "three points in one" brewed the "Hangzhou Consensus".
Inclusive development is the strategic entry point of the “Hangzhou Consensus”
2009The "Strong, Sustainable and Balanced Growth Framework" for the world economy established at the 2016 Pittsburgh Summit is a milestone, but the current global Gini coefficient has reached as high as0.7, The International Monetary Fund also pointed out the fact that the "new mediocrity" is exacerbated: "Growth has been bypassing many low-income earners and has increased concerns about globalization and worsened the political climate for reform." In order to deal with the problems of inequality and injustice in world w88 sports betting development, the Hangzhou Summit included "inclusive development" as a new entry point into the world w88 sports betting growth framework for the first time.
The meaning of inclusive development includes both domestic and global levels. At the domestic level, the Hangzhou Summit attaches great importance to protecting the interests of vulnerable groups and grassroots people in the process of w88 sports betting globalization and domestic policy implementation, and achieves inclusive development at the domestic level by focusing on women and youth, supporting equal access to capital, creating high-quality jobs, promoting inclusive labor force participation, and integrating small and medium-sized enterprises into global value chains. At the world level, the previous globalization model dominated by Western countries had many unreasonable and unfair drawbacks. The dividends of globalization were basically captured by developed countries, while the negative effects were mainly borne by developing countries at the low end of the industrial chain. "Strong, sustainable, balanced and inclusive growth" should not be a "zero-sum game" or "winner-takes-all". Only developing countries, which account for four-fifths of the world's population, also achieve inclusive development will be the foundation for world peace and development. Therefore, the Hangzhou Summit formulated and implemented for the first time the United Nations2030The Action Plan for the Sustainable Development Agenda is committed to allowing countries at different positions in the global value chain to leverage their own advantages and share development opportunities. Only when the international w88 sports betting order becomes fair and reasonable can the healthy development of the world economy have a deep foundation; only whenG20's achievements and dividends are extended to non-member developing countries,G20Only in this way can its status in global w88 sports betting governance be improved.
Innovation drive is the strategic growth point of "Hangzhou Consensus"
Why is the world economy weak in recovery? This is because today's world economy has reached a critical junction, which is reflected in the significant attenuation of the growth momentum brought about by the previous round of scientific and technological progress. The flaws in the existing w88 sports betting governance mechanisms and structures have gradually emerged, and the new round of scientific and technological and industrial revolution has not yet gained momentum. Therefore, innovation is the key to fundamentally unlocking growth, and its role as a driving force for w88 sports betting growth is revolutionary.
Reform and innovation are inseparable. Innovation is mainly technological innovation, while reform is the innovation of systems and mechanisms. The Hangzhou Summit emphasized the key role of structural reforms in improving productivity, potential output, and promoting innovative growth. After the outbreak of the financial crisis, the large-scale easing and even unconventional monetary and fiscal stimulus measures implemented by various countries played a positive role in reversing the w88 sports betting downturn in a short period of time. However, the global low growth dilemma in the post-crisis period has made it clear to the world that it is difficult to push the global economy out of the crisis and regain prosperity by relying solely on demand stimulus policies. Currently, there are fewer and fewer short-term demand management policy tools and less and less room for implementation. This is accompanied by rising financial market risks and rising debt levels. A reasonable and robust policy framework should reflect the coordination of short-term demand management policies and long-term structural reform policies, and improve the economy's potential growth capacity and imbalance adjustment capabilities. Countries must use all policy tools individually and jointly, including monetary, fiscal and structural reform policies, to boost global demand to support short-term growth, while eliminating supply-side constraints to continue to improve labor productivity, expand the boundaries of production, and release medium- and long-term growth potential. The Hangzhou Summit also identified nine priority areas for structural reform and formulated48guiding principles, launching a set of core indicators including policy indicators and output indicators, asG20Provide reference for members to promote structural reforms.
The new order of international w88 sports betting governance is the strategic commanding heights of the "Hangzhou Consensus"
Unrest and crisis are often good opportunities for technical revision of the international w88 sports betting governance framework. The "new mediocrity" state of the world economy reflects that the current international w88 sports betting governance framework has lagged behind the development of w88 sports betting globalization. It is urgent to reshape the new order of international w88 sports betting governance and lead the new direction of global w88 sports betting development from a strategic perspective. It should be pointed out that reshaping a new order of international w88 sports betting governance is not a challenge to the existing multilateral international governance order, but a supplement and improvement of the existing mechanisms. The goal is to build more consensus and keep pace with the times.
The new international w88 sports betting governance order proposed by the Hangzhou Summit has the following three characteristics: a shift from short-term strategies to long-term mechanisms, a shift from individual action to joint coordination, and a shift from Western dominance to East-West joint dominance.
First of all, the new order of international w88 sports betting governance is no longer a simple response to short-term crises, but a long-term mechanism that ensures long-term stable growth of the world economy. "Strong, sustainable, balanced and inclusive growth" focuses on solving deep-seated, structural and fundamental problems and promoting w88 sports betting transformation in an innovative and sustainable way.
Secondly, in the past, the w88 sports betting intervention policies of individual countries often had a beggar-thy-neighbor side, leading to a series of conflicts of interest and contradictions, narrowing the space for world w88 sports betting development, and ultimately leading to a lose-lose situation. Substantial changes in the global w88 sports betting situation cannot stop at unilateral actions. We must advocate a sense of a community with a shared future for mankind, strengthen policy linkage among all parties, maintain the continuity, stability and coordination of w88 sports betting governance policies, avoid negative spillover effects, consolidate the foundation for global w88 sports betting recovery, and achieve true common development.
Finally, as the world w88 sports betting landscape has undergone fundamental changes, the proportion of emerging market economies in the global economy has changed from1999Year19%rising to2015Year39%, the current world w88 sports betting governance order can no longer reflect the diverse voices and interests, and is in urgent need of transformation from being dominated by the West to being jointly dominated by developed countries and emerging economies. The Hangzhou Summit advocated that the new international w88 sports betting governance order should enhance the voice of emerging market and developing country members, change their "globalized" status in the old world w88 sports betting governance framework, fully mobilize their enthusiasm and w88 sports betting growth potential, achieve mutual benefit and equal dialogue between developed and developing countries, improve the world economy's risk resistance, and ensure that w88 sports betting growth in the context of globalization can benefit more people and gain widespread public support.
Be goodG20's promoter and leader
What effects has the “Hangzhou Consensus” produced?
First, it has improvedG20’s legal status.2008After the financial crisis in 2016, developed countries formedG7Unable to continue to assume its role as a patriarch, the world w88 sports betting governance order began to loosen, and the new order transformed from a Western-dominated model to a model dominated by the East and the West. However, the current global w88 sports betting governance structure still cannot fully reflect the interests of developing countries, and the voice and representation of developing countries are seriously insufficient.G20It is still a centralized club of big countries whose members are mainly selected by the United States. It ignores the international rights of small countries. This is also one of the deep-seated reasons for the world's w88 sports betting and political problems. The Hangzhou Summit expanded the participation of developing countries, proposed constructive, responsible and more inclusive policies to improve global governance, effectively reduced the negative spillover effects of macroeconomic policies, and allowed people around the world to feel connectedG20The agendas are closely linked.
The second is to oppose w88 protectionism and promote the development of free w88. Theory and practice have proven that free w88 can benefit all participants in the long term by optimizing resource allocation, increasing labor productivity, and reducing costs, but it is difficult to avoid uneven interests in the short term. more than90%The unemployment problem in developed countries is not caused by free w88, but comes from technological progress and industrial structural adjustment. It should be solved through domestic reforms rather than blaming w88 and investment liberalization. The Hangzhou Summit reaffirmed the importance of freedom and openness to economic development, urged all members to avoid the trap of w88 protectionism, and successfully formulated the "G20 Global w88 Growth Strategy" and the world's first multilateral investment rules framework "The G20 Global Investment Guiding Principles". It also initiated and pioneeredG20The w88 and investment working group and working mechanism provide institutional guarantees for promoting the growth of global w88 and investment.
The third is to enhance China’s soft power. A new generation of British international strategic analystsMark Lionaat2016Books published in "What does China Think", pointed out that the Western world cannot just adhere to "Western ideas", but must think about what China is thinking. This kind of awareness is impossible in traditional Western society.Mark LionaThe motive of the new work is to remind the West that it must fully understand China, a new partner. It is a multilateralist and an advocate and promoter of the consultation and negotiation mechanism.
Conclusion
The Hangzhou Summit has come to an end. By telling "stories" and "opportunities", China has well interpreted "China's perception" and patiently and meticulously interpreted "China's plan", giving new connotation to world w88 sports betting governance. Of course, the implementation of the "Hangzhou Consensus" also faces various challenges such as the uncertain world political situation, difficulties in increasing expenditures, and reforms that are easier said than done. There is still a long way to go to turn the beautiful blueprint into reality. Each country's solution to break away from the "new mediocrity" must be specifically planned based on its national conditions and political and w88 sports betting feasibility, using a combination of monetary policy, fiscal policy and structural reform policy. In this regard, China's plan cannot provide a so-called universal model, but the new blueprint, implementation path and principles it proposes for the world economy will surely inspire governments of all countries to build consensus and further think about the goals and measures that their countries can achieve.
(Author’s affiliation: w88 casino)
Attachment: Original report link (http://news.gmw.cn/2016-10/19/content_22536732.htm）
