G20 Steadily Moves Toward A Global Organizational Network

  2010/6/29 source：china.com.cn

June 26 to 27, the fourth G20 leaders summit opened in Toronto, Canada. This summit was held under the circumstance that the prospect of world economic recovery was still complex and uncertain. Thus the first questions the leaders faced were whether current economic recovery is stable and whether it was necessary to exit from economic stimulus methods and instead to stabilize public financial systems. We can see from the Summit Declaration that leaders reached a basic consensus that the primary goal at present was to ensure and strengthen the trend of recovery, to lay the foundation for a robust, sustainable and balanced development, and to strengthen the financial system against risks. Generally, this summit further confirmed G20’s important role as the leading platform for economic coordination.

In terms of specific content, the Toronto Summit has achieved few tangible results; instead, it left many questions to the Seoul Summit in November. However, the theme of multilateral negotiation, coordination, and seeking consensus showed in the three previous summits reflected, after all, the gradual development of G20. Meanwhile, the declaration gave principal and directional guidance to the following questions: 1) the balance between maintaining recovery and cutting down public debts; 2) the reform of financial departments; 3) the reform of international financial agencies; and 4) the concern for the issue of development.

Chinese President Hu Jintao attended the summit and gave an important speech of “Work in Unity for the Future.” In fact, from the past four G20 summits, we can see that China has been playing the leading role in global economic recovery. Through G20, the platform of international coordination, China is constantly expanding its global influence.