G20 should lead global economic governance toward fairness

BEIJING, Nov. 17 (Xinhua) -- As world leaders are to gather in Rio de Janeiro, Brazil, for the 19th G20 Summit, the moment calls for decisive steps toward creating a more just, sustainable, and inclusive global community.

Themed "Building a just world and a sustainable planet," this summit presents a critical opportunity to recalibrate global economic governance and chart a path toward sustainable and inclusive development.

The G20's influence is unparalleled. Boasting about 85 percent of global GDP, over 75 percent of international trade, and two-thirds of the world's population, the G20 possesses both the economic weight and the diversity to drive changes the world urgently needs.

This summit marks the first gathering of G20 leaders since the inclusion of African Union (AU) as a full member, a historic milestone that strengthens the voice of the Global South.

However, inclusion alone is insufficient. The G20 must ensure that the voice of the AU and the wider Global South is not merely heard but also translated into tangible influence.

As a forum representing the world's largest economies, the G20 has a responsibility to champion the genuine interests of the Global South by concrete steps, including prioritizing infrastructure funding tailored to the needs of the Global South countries and expanding access to green technologies.

Regrettably, in an increasingly divided world, some Western politicians have resorted to a smear campaign against development cooperation between China and Africa. Dismissing the transformative benefits these projects bring to local economies, they are given to baseless criticisms that reveal not only their bias but also a fundamental disregard for the development priorities of the Global South.

This shortsightedness underscores the urgency for the G20 to break away from such divisive rhetoric and foster a more inclusive and equitable global order.

The G20 must also take a strong stance against growing protectionism, which threatens to unravel the hard-earned progress of global prosperity.

Protectionist measures like tariffs, trade barriers, and other unfair practices are often sold as remedies for domestic challenges, but their true cost is borne by the global economy, particularly by developing nations that rely on open markets to fuel growth and development.

Far from providing solutions, protectionist policies exacerbate inequalities, stifle progress, and obstruct global efforts to tackle shared global crises.

Take as an example Washington and some of its allies' recent bid to suppress China's electric vehicle industry under the guise of addressing so-called "overcapacity." The maneuver not only undermines international cooperation in green technologies but also jeopardizes the global fight against climate change.

By erecting trade barriers, those countries heighten risks of slowing innovation, disrupting supply chains, and restricting access to affordable, sustainable solutions the world urgently needs.

It is self-evident that such steps are short-sighted as they not only harm specific industries but also sabotage the broader pursuit of sustainable development and climate goals.

At a critical time when the world faces a choice between division and cooperation, the G20 can lead by example, proving that global cooperation is not a zero-sum game but a shared effort to build a fairer and more prosperous future for all.