ICC Review: Infuse Cooperation Power into the World at a Critical Turning Point

At a major historical turning point, peace and development are facing major challenges at present. In order to effectively deal with grave problems such as COVID-19 pandemic, food security, energy security, climate change, and inflation, the international community urgently needs to strengthen unity and cooperation. The course of mankind's fight against COVID-19 shows that no country can cope with the global crisis alone, and strengthening international cooperation is the only choice for all countries to overcome difficulties and achieve development. In recent years, China’s state leaders have repeatedly stressed the necessity and urgency of strengthening multilateral cooperation among countries on different occasions. As a supporter and promoter of multilateralism, China is playing an increasingly important role in the international community, especially playing an indispensable leading role in global cooperation when protectionism and unilateralism are on the rise.

The 17th Summit of the Group of 20 (G20) leaders, with the theme of "common recovery and strong recovery", was held in Bali Island, Indonesia, from November 15 to 16, 2022. At a "critical turning point", the international community generally expects that the summit can help to build consensus, promote major economies to strengthen coordination of macroeconomic policies, voice an appeal of adhering to multilateralism, openness, inclusiveness, and mutually beneficial cooperation, and instill confidence in the global economic recovery and the joint fight of all countries in the world against challenges. China is expected to continue to play an active role in the G20 and contribute wisdom and strength to cracking the global development dilemma and promoting the open, comprehensive, balanced and inclusive development of the world economy.

Bali Island, Indonesia

Meanwhile, the Business 20 (B20) of the G20 Summit themed by "promoting the growth of innovation, inclusiveness and cooperation" was held in Bali Island, Indonesia. Leaders of relevant countries of the G20 Summit, more than 1,000 senior businessmen and special guests attended the Summit. The participating guests had a heated discussion around "sustainable development of resources, reduction of carbon emissions, promotion of economic development by scientific and technological innovation, and energy reform". The participating countries called on the international community to work together to promote global common recovery and strong recovery, and achieve inclusive and sustainable economic development. Li Xiaoyi, special representative of the Sino-foreign Business and Industry Commission of ICC, was invited to attend the B20 held in Bali Island, Indonesia.

Over the past half century, multilateralism has developed rapidly and the world pattern has undergone a profound change. The collective rise of emerging market countries and developing countries, represented by China, has greatly gained force to maintain world peace and development. China firmly safeguards the international system with the United Nations at the core, the international order based on international law, and the core role of the United Nations in international affairs, always practices multilateralism, actively participates in the reform and improvement of the global governance system, and makes greater contributions to the cause of world peace and development.

In October 2013, Chinese leaders made a speech in Indonesia, putting forward the initiative of jointly building the 21st Century Maritime Silk Road for the first time. Today, the Belt and Road Initiative (BRI) has become the most extensive and largest international cooperation platform in the world and an international public product. BRI advocates strengthening international cooperation, promoting the economic growth of participating countries, allowing more developing countries to share development opportunities, and providing a platform for different countries to strengthen communication.

Exterior scene of the G20 Summit

In recent years, the COVID-19 pandemic has been wreaking havoc in the world repeatedly, which causes multiple crises such as more vulnerable world economy, tenser geopolitical situation, seriously missing global governance, and shortage of food and energy, so that human development faces major challenges. Adhering to the general direction of an open world economy is an important experience of the G20 to deal with the international financial crisis and an important path to promote the world economic growth. China has always shown its determination to promote an open world economy at the previous G20 summits from St. Petersburg to Brisbane, from Antalya to Hangzhou, and from Hamburg to Buenos Aires and Osaka. China's proposal to jointly develop an innovative, open, interconnected and inclusive world economy will promote global economic openness and innovative cooperation, enable different levels of economies to share technological innovation achievements, and assist developing countries and small- and medium-sized enterprises to participate in the global value chain.

In order to implement the important initiative put forward by Chinese leaders at the G20 Rome Summit in October 2021, the International Cooperation Center of ICC and relevant Chinese organizations held a high-level seminar on "Global Industry & Supply Chain Security and China's Countermeasures" in Beijing this September. The participating experts generally believed that multiple factors are reshaping the structure and pattern of the global industry & supply chain when the world is undergoing profound changes unseen in a century. In this context, various countries around the world face a major and urgent strategic issue, i.e., how to ensure a safe, stable and smooth industry & supply chain and promote international cooperation in this regard. 

B20 Summit in Bali Island

Working together with one heart and living in harmony is the historical gene of the Chinese nation and the essence of the oriental civilization. As a member of the G20, China actively proposes to jointly establish a new type of international relations featuring win-win cooperation, strengthen communication and coordination on major global issues, and provide more public goods for achieving world peace, stability and prosperity. China makes efforts to establish and improve a macroeconomic policy coordination mechanism, further strengthen practical cooperation in various fields, constantly expand the connotation and extension of international cooperation, and promote the accomplishment of cooperation results that meet the expectations of the people. China tries to urge people from different countries and with different cultural and historical backgrounds to conduct in-depth exchanges, enhance mutual understanding, jointly address the challenges of the times, and co-create a better future.

Initiated in 1999, the G20 consists of 20 countries and international organizations, including China, South Korea, India, the US, the UK, Canada, Germany, Italy, France, Russia, Japan, the EU, Indonesia, Mexico, the Republic of South Africa, Saudi Arabia, Turkey, Australia, Argentina and Brazil. Beginning in October 2010, the B20 is an important supporting event of the G20 mechanism and an important platform for the business circles of all countries to participate in global economic governance and promote world economic growth.