G20 should play bigger role in global governance

Final preparations are made ahead of the 2015 G20 Antalya summit, in Belek, Antalya, Nov 8, 2015. [Photo/CFP]

Despite terrorism dominating the G20 summit in Turkey the world, especially western nations, should also take China’s suggestions seriously on the sluggish world economy and the transformation of G20 from a temporary organization to a long-term global governance system.

The Chinese model of redevelopment is not only relevant to the BRICS countries, but also Korean Peninsula, Africa, and the Middle Eastern and South East Asian countries. China’s change towards domestic consumption to drive growth is a natural progression from its export-oriented economy. This is only possible when there is a better distribution of wealth and the emergence of a middle class.

Many developing countries can study and apply the Chinese model of infrastructure development and building a manufacturing base to boost productivity and exports. This phase of development is essential to develop a middle class before moving on to a consumption-based economy.

Agencies such as the Asian Infrastructure Investment Bank, Asian Development Bank or the International Monetary Fund would make the difference in capital tight countries to help them develop infrastructure and other basic industries. That’s one duty of coordination for the G20 to practice in future.

Currently, we see no crystal clear solution to the chaos of Syria and other Middle East regions. In other words, we have no clue how to root out the terrorist threat once and for all.

The good news is that China hosts the G20 summit next year and we expect China and the other participants could keep the focus agenda to economic issues and better to offer a model or strategy to go forward for the sake of the world economy.

A more focused agenda in economics and governance would help to keep participating leaders engaged and fulfill the G20 summit’s role.