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More global cooperation required to improve economic governance
 (2016-09-30)

In early September , leaders of 20 major world economies and eight guest countries gathered in the picturesque Hangzhou to discuss the course of the global economy , one of the most important agendas in today ’ s world .

At the G20 Hangzhou Summit , Chinese President Xi Jinping proposed to take advantage of the new round of scientific and technological revolution to address the world economic conundrum with a more positive attitude .

The world now faces multiple challenges . Apart from universal roadblocks such as global warming and economic downturn , certain regions are also haunted by religious extremism , terrorism and separatism , which are also responsible for the turbulence in a number of countries and regions .

The era of globalization presents opportunities as well , for instance , cooperation among BRICS . Emerging markets , represented by Brazil , Russia , India , China and South Africa , have achieved tremendous economic development in the past decade .

The BRICS cooperation , highlighted by diversity and complementary resources , will undoubtedly facilitate a more inclusive and harmonious global governance landscape .

The Hangzhou Summit cast a light on the key challenges hindering world development and called on all countries to offer solutions , demonstrating China ’ s global vision as well as its crucial role in international affairs .

As the largest developing country and the second-largest economy , China can not only deal with difficulties in its domestic economy , but provide a reference for other countries with its development experience . It can help developed and developing countries reach consensus on the direction of the global economy and other agendas .

As President Xi said , the world economy is now going though profound adjustment and moving along a twisted path to recovery . It stands at a crucial juncture where new growth drivers are taking the place of old ones . Therefore , in face of the new challenges and opportunities , all countries should build consensus , strive to eliminate the aftereffects of the international financial crisis and achieve the new development goals of the 21st century industrial civilization .

( The author is Director of the Brazilian Institute for China and Asia-Pacific Studies .)

By Severino Cabral (People's Daily

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