Interconnection generates synergies for world economy

People’s Daily

How to further build an interconnected world economy has become a common task facing the international community when unilateralism and protectionism are seriously impacting the international economic order and markedly adding risks and uncertainties to the world economy.
The G20 is a premium forum for international economic cooperation. It represents two thirds of the world’s population, about 90 percent to the world’s GDP and nearly 80 percent of the global trade volume.
China claims  that G20 members, which are big in size, should shoulder greater responsibility for world economic growth and make a difference.
The 2016 Hangzhou summit is generally commended as the most fruitful summit in the history of G20, during which the G20 Leaders’ Communique and 28 specific outcome documents were issued and the “Hangzhou Consensus” aiming to promote the robust, sustainable, balanced and inclusive growth of world economy was reached.
One year later, the Hamburg summit, which stressed shaping an interconnected world, continued in the same vein with the Hangzhou summit.

Promoting interconnected development and global cooperation demonstrates Chinas ambition of achieving win-win development and building a community with shared future for mankind.
During the Hangzhou summit, the G20 Initiative on Supporting Industrialization in Africa and Least Developed Countries and the Global Infrastructure Connectivity Alliance Initiative were proposed to support industrialization with action plans and deepen cooperation in food security and inclusive business.
These action plans and pragmatic results will relieve the issues of unfair and unbalanced global development, and bring tangible benefits to the people in developing countries. Besides, they will help realize the United Nations Sustainable Development Goals and make contribution to the common prosperity of human beings.

Interconnectivity plays a fundamental role in world economic development, said Piet Steel, Chairman of the EU-Asia Centre.
The joint construction of the Belt and Road Initiative is a vivid example of interconnected development and has been well-received by the international community, he added.

Oleg Timofeev, an associate professor of China studies at the Peoples’ Friendship University of Russia, said that all countries are able to deal with the increasing challenges as long as they interconnect with each other. Chinese President Xi Jinping’s proposal of building an interconnected world economy will make the international order more just and equitable, he added.

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