China, Japan and the United States are going to be the most attracting countries in the spotlight at the G20 summit in Osaka, Japan.
It is the first time that Japan has hosted the G20. Japan hopes to use this meeting to do more in the field of global governance. And this will promote some global issues including WTO reform, the digital economy and women’s employment.
In the previous G20 Ministerial meeting, the IMF managing director Lagarde said the recent trade frictions may lead to a 0.5% reduction in 2020 in GDP according to the IMF’s estimation. And this may cause losses of $455 billion. At G20 summit in Osaka, some countries and international institutions also show their concerns about the global trade friction drag on the economic growth. Japan wants to be the savior of the G20 and globalization. China also expresses that it will firmly hold the multilateralism and bring the global economy back to track. About the key issues such as WTO reform, the digital economy and women’s employment, China also has good expectations for this meeting.
The G20 was born in the period of the financial crisis in 2008. It is an innovation mechanism to promote coordination among different countries and promote in-depth development of globalization. In the face of crisis, the G20 has defused different countries’ strategic suspicions, prevented them from taking unilateral trade protectionist measures, and prevented the economic crisis from turning into a political crisis.
The main innovation of G20 is to adjust the voices between the developing and the developed countries, and between US and other countries, in global economic governance. This will help democratize global economic governance and enable China, Japan and other countries to play greater roles in promoting globalization.
In fact, China and Japan have indeed become great contributors to globalization since the birth of G20. China and Japan have not forgotten the original purpose and mission of G20. They both hope to steer successfully through the waves of American First and Populism at the Osaka G20 summit.