Leaders of the G20 at the 2016 summit, September 4 and Sept 5 at Hangzhou (China).
The G20 Hangzhou Summit held recently in China was a historical achievement. It is rare to hear Africa and Least Developing Countries, which nowadays are known as low income countries, featuring as the world agenda.
However this was the case in the conference which to many had achieved substance. We must have read or heard positive commentaries from different news channels and print media as well as online reports filed from around the world.
So perhaps it’s important to ask ourselves why this Summit was able to make a historical record and achievements in which there was the G20 Initiative on supporting industrialization in Africa and LDC’s.
The fact that the Summit was able to unanimously adopt the G20 Blueprint on Innovative Growth shows that it is a step in the right direction.
The fact that President Jinping is known already to have advanced his philosophy of good blueprint, in his closing remarks are very much in line with this principle.
In his book; The Governance of China, the President reminds the world that, “There is no use in saying,” I won’t get the credit for success.” His argument is very convincing and perhaps should be adopted in implementing the G20 Summit Blueprint to make it a good one.
He emphasizes that, “if a blueprint is good, factually based, scientifically sound and well-received by the people we should keep working on it, one administration after another and the outcome of our work will be real and appreciated and remembered by the people.”
So those who are touting negative views about the outcome of the Summit should be ignored, and challenged.
It is obvious that the G20 Initiative should be owned by every country in the world. It should be a collective effort across the board where high level deliberations on the way forward should take place.
Globally every country should be able to share the spirit of the said initiative on industrialization with others. It is important to know that G20 Initiative is a legacy that our nations want to leave behind for the next generation.
I want to take this opportunity to challenge the G20 to go beyond the just concluded talks and translate these principles that were discussed in the Summit into action. Thus, the need to make sure every country owns this good blue print philosophy.
In our country’s context when President John Pombe Magufuli was elected into office last year, in his inaugural speech he expressed his commitment to transform Tanzania into an industrial reality.
Was it a coincidence or that through his visionary leadership he could read the signs of time? The philosophy of industrialization is again coming up, from President Jinping who has emphasized on the need to address the global economic imbalance through industrialization among others. However, the president outlined five achievements of the Summit in his speech at the G20 closing ceremony.
President Jinping said that China is determined to point the way and set the course for the world economy. “We share the view that the world economic recovery remains weak, weighed down by insufficient drivers of growth and negative impact of regional and international hot-spots and global challenges,” he said.
He further emphasized that it was crucial to maintain peace and stability and foster an enabling environment for world economic development.
Another important emphasis is that China is determined to break a new path for growth and instill new dynamism into the world economy, Says President Jinping. “We have unanimously adopted the G20 Blueprint on Innovative Growth.
“It reflects our desire to find the right pathway toward sustained and healthy growth of the world economy, capitalize on the new opportunities brought about by innovation, the new industrial revolution, digital economy and other new factors and business types, and flesh out a series of specific action plans,” he said.
According to him, another achievement is the global determination to improve global economic and financial governance to enhance the resilience of the world economy.
“We agree to advance the quota and governance reform of international financial institutions, broaden the use of SDR, strengthen the Global Financial Safety Net and make the international monetary system more stable and resilient.
We resolve to implement various financial reforms, closely monitor and address the underlying risks and vulnerability of the financial system, deepen cooperation on financial inclusion, green financing and climate fund, and jointly maintain stability in international financial markets,” stressed President Jinping. Further, President Jinping added that China is determined to revitalize international trade and investment as key engines of growth, and build an open world economy.
“We agree to fully leverage the role of the Trade Ministers’ Meeting and the Trade and Investment Working Group,” he said.
The final initiative that was supported by China is the determination to promote inclusive and interconnected development, so that G20 cooperation will deliver benefits to the whole world.
“For the first time, we have given priority to development in the global macro-policy framework.
For the first time, we have devised a groundbreaking Action Plan on the 2030 Agenda for Sustainable Development. “We agree to take the lead in implementing the Paris Agreement on Climate Change to encourage its early entry into effect.
“We have proposed the G20 Initiative on Supporting Industrialization in Africa and LDCs, made an Entrepreneurship Action Plan, adopted the Global Infrastructure Connectivity Alliance Initiative, and decided to deepen cooperation in such areas as food security and inclusive business,” he said.
But again the propositions on the four key points for global economic governance are in line with President Jinping world vision.
It is clear that it outlines the four most crucial issues which cannot be ignored by the world.
There is no doubt that we have to heed to the proposition that building an innovative world economy to generate new drivers of growth cuts across all countries in the world, regardless of their ideologies. Let’s visit President Jinpings advice on Man with a World Vision, in his Book: The Governance of China (Page 490).
People who have been reading his philosophies and Confucius’ Literature are not surprised to learn that he presented to the world such significant propositions. But for those who have read his book, it was the same philosophy that he shared with foreign experts working in China.
These elements show that the People Republic of China as a responsible country does not only care about her own economic growth, but wants to go together to ensure that there is equity for all the countries.
It resonates with an African saying that if you want to go fast go alone but if you want to go far go together.
Bravo President Jinping, for such a proposal. President Jinping also makes a very valid point on his second proposition that there should be an open world economy to expand the scope of development. China is walking the talk as we can witness today that all those who are interested to invest in China have been welcomed.
It means that there is a need to heed his advice that it is a question of reciprocity, which means that countries need to know more about one another whether working at the local level or with the central leadership.
This is in line with President Jinping socialist spirit that is based on valuing international exchanges and making foreign friends, which should be the spirit for all these countries so that it can create a friendly business environment for cross border development. The third proposition is another milestone that countries should build an interconnected world economy to forge interactive synergy.
President Jinping is frank on this since he has repeatedly said that the global community is becoming increasingly integrated and we all share the same destiny. Therefore, it is evident that global rapid development depends on world peace and development.
This interconnectedness provides opportunities for other countries to develop, so together we can achieve mutually beneficial results and share benefits through mutual respect and pragmatic cooperation.
If these three elements are achieved it is easy for the global economy to remain inclusive and therefore there will be an opportunity to create a foundation for win-win situation.
Win-win in the sense that countries should work together to establish a more equitable and balanced global partnership, which can avert international conflicts and even cross border troubles.
So as to safeguard the common interests of all of humanity and make the earth a better place, which we might have read and also believe that it is Jinping’s philosophy of International cooperation.
In conclusion China’s G20 Summit was both big on show and was able to deliver a good blue print.
This is what we can term as responsible global economic governance, which can be put into test by checking the behavior of global powers not showing any temptation of seeking economic hegemony but fostering win-win economic partnership. But I could be wrong.