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Author: Yaroslav Lissovolik, Programme Director of the Valdai Discussion Club
The final declaration of the G20 in Bali duly focusses on a number of key challenges for the global economy, in particular food, energy security and climate change. There is also a lot of attention that is dedicated to themes such as the support for the World Trade Organization. The problem is that the statement lacks specific and quantifiable commitments that would materially impact the prospects for changes in these areas. Most importantly, however, the statement underestimates recessionary risks in the global economy and does not advance the necessary mechanisms at the level of G20 countries that would counteract the global economy slowdown. In particular, at this stage there are insufficient provisions on the part of the G20 concerning the coordination mechanisms of ex-ante crisis prevention and ex-post anti-crisis via joint fiscal stimuli. Finally, there is still insufficient attention dedicated by the G20 to the needs of the least developed economies, as well as to issues of ensuring greater inclusivity of G20 with respect to developing economies.
The speech delivered by China’s leader at the G20 summit addressed some of the above gaps in the G20 framework. Of particular significance is Xi Jinping’s support for including the African Union as a full-fledged member of the G20. There is indeed no reason why the European Union should be the only regional block represented at the G20 forum as a full-fledged member. The inclusion of the African Union will allow the Global South to have its very own regional voice at the G20 alongside the regional grouping of the advanced economies. Also important was Xi’s statement on the alleviation of the debt burden for the least developed countries. China in this respect has made important contributions in debt relief and ODA assistance to poorest countries – in some cases well ahead of Western counterparts. Most importantly China is providing developing countries with possibilities to boost economic development via regional projects and development institutions such as RCEP and NDB. In this regard the statement by Chairman Xi that “modernization is not tantamount to Westernization” is of particular significance – it offers a vision not of a convergence to one sole model of development, but it provides for a divergence in economic models that are consistent with sustainable development and modernization. This is a very important message to the world community at this crucial and challenging stage of its development.
(APD News)
