The upcoming G20 summit in Buenos Aires, Argentina has been endowed with special realistic significance given the deep-seated contradictions facing global development as well as the overlying risks and uncertainties encountered by today’s world economy.
The summit, which would last from Nov. 30 to Dec. 1, comes as the rising tide of protectionism and unilateralism threatens the multilateral trading system.
The International Monetary Fund (IMF) has cut its projection for global economic growth to 3.7 percent for 2018 and 2019, warning that escalating trade tensions and the potential shift away from a multilateral, rules-based trading system are key threats to the global outlook.
G20, an important platform for global economic governance, represents around 90 percent of global GDP, 80 percent of global trade and two-thirds of world’s population.
It has been entrusted with a responsibility to chart a course for world economy, and pave more ways steering global economy to an open, equal-footed, and rule-based international trading system as a global leader and with strategic horizon.