Nation seen as the champion of global economic governance, free trade

China can play a big role in boosting the international community’s confidence in safeguarding the multilateral trading system at the G20 Leaders’ Summit, experts said.

President Xi Jinping will attend the two days of meetings in Argentina starting Friday.

Leaders of the G20 nations will meet in the capital, Buenos Aires, amid the slowing growth of global trade and investment at a time of growing worries about protectionism.

China’s foreign policies, featuring mutual respect and win-win cooperation, remain in step with the purpose and goal of the G20, so it can push for the forum to play a more important role under the new circumstances, said Xu Xiujun, vice-director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.

As an important contributor to global economic governance, China has been actively engaged in macroeconomic policy coordination and multilateral cooperation under the framework of the G20, Xu said.

Xu highlighted the role of the G20 in coping with the financial crisis 10 years ago, saying the G20 countries should take collective action to deal with the challenges that the existing trade system are facing in a bid to enhance global economic growth.

Speaking highly of China’s role in ensuring the success of the G20 Summit held two years ago in Hangzhou, Cambridge University professor Alan Barrell said he expected a more significant role for China this time in advancing globalization, according to Xinhua.

Barrell lauded China’s consistency and determination in pursuing common development and advancing globalization. He questioned the anti-globalization actions of some countries, saying protectionism is not the answer to global trade.

“Protectionism eventually brings bad things … It always has shown to be bad in the long run,” he was quoted as saying.

He said Xi’s speech at the recent China International Import Expo in Shanghai demonstrated China’s resolve to further open up and push for more balanced global trade, because “China is not only exporting, but also welcoming imports”.

With economic globalization suffering setbacks and free trade under threat, the G20 Summit in Argentina, themed “Building Consensus for Fair and Sustainable Development”, will focus on issues like the global economy, trade and investment, sustainable development, infrastructure and climate change.

Argentine President Mauricio Macri said that as host, his country will continue the consensus and results achieved at the summit in Hangzhou.

Foreign Ministry spokesman Geng Shuang said at a news conference on Wednesday that China hopes the summit will send out a positive message of upholding multilateralism, advocating the spirit of partnership, improving global economic governance, dealing with climate change, guiding innovative growth and promoting inclusive development.

He added that China hopes the summit achieves pragmatic outcomes so as to inject fresh impetus into the world’s economy in pursuit of robust, sustainable, balanced and inclusive growth.

Zhou Fangyin, a senior researcher at the Guangdong Institute for International Strategies, said the effectiveness of the G20 in international coordination of economic policy should be emphasized.

The effectiveness of the G20 comes from countries’ commitment to multilateralism and united actions, Zhou added.