US-led West should provide real investment to proposed programs

Liu Zongyi    source：Global Times

The G20 is the primary platform for discussing global economic issues. The declaration of this year's G20 Summit in New Delhi, India, focuses on economic issues rather than geopolitical issues. This has returned to the right track. However, this summit only reached basic consensus, but no specific action plans, on the six core topics.

Global recovery still faces challenges, but, at present, the G20's role in promoting global economic cooperation to address global challenges has not been very effective. This is mainly because the US' containment and suppression of China prevents these two countries from reaching a consensus. Measures taken by the US attempting to exclude China from cooperation in the global industrial chain have made a global economic recovery more challenging.

China is the country that contributes the most to global economic growth. According to a World Bank report, China's average contribution to world economic growth from 2013 to 2021 reached 38.6 percent. This figure exceeds the combined contribution of G7 countries. Unlike Western countries, China has never attached political strings when assisting economic development for developing countries.

For example, it was China that first proposed and continuously advocated for the African Union to become a member of the G20. Following a successful BRICS summit held in South Africa this year, the African Union finally became a member of the G20.

As the global economy faces headwinds, developing countries are bearing the brunt. To improve their economic conditions, developing countries need to strengthen South-South cooperation.

The US promoted the so-called multilateral development banks plan during this summit. On the surface, it appears to be to support the development of developing countries, but in fact its geopolitical intention is very clear.

China welcomes multilateral financial organizations under Western control such as the World Bank and IMF, which can provide more tangible funds for the economic development of countries in the Global South and developing countries to support the infrastructure and industrial development. 

It is hoped that the West, led by the US, can truly practice multilateralism, instead of using these economic cooperation plans as geopolitical tools while at the same time smearing China with rumors such as laying "debt traps" for emerging economies.