Comment： The Common Desire to Promote the Stability and Far-reaching of the World Economy —— Written on the Eve of the G20 Hamburg Summit.

　　Xinhua News Agency, Berlin, July 4 th: Review: The common desire to promote the stability and long-term development of the world economy — — Written on the eve of the G20 Hamburg Summit.

　　Xinhua News Agency reporter Qiao Jihong

　　From Hangzhou last autumn to Hamburg this summer, the G20 summit has crossed the mainland and is approaching again. Although the governments of many countries have changed and the demands of their members have changed, it has always been the constant mission and common aspiration of the G-20 to maintain a stable and far-reaching world economy.

　　Hope to care for the fragile recovery

　　The world economy is stable and far-reaching, and confidence begins with sustained recovery.

　　Since the beginning of this year, the world economy has been reported frequently: the long-lost cyclical recovery in the fields of manufacturing and trade has been staged in many countries, financial markets have become increasingly active, business confidence in various places has hit record highs, economic growth has accelerated, and international institutions are in high spirits.

　　According to the latest forecast of the International Monetary Fund, the world economy will grow by 3.5% this year and 3.6% next year, both higher than the last forecast. The World Bank’s Global Economic Outlook released in June predicted that the world economy would grow at a rate of 2.7% this year, and further increase to 2.9% in the next two years, both higher than last year’s 2.4%.

　　The world economic recovery seems to be on the right track. However, Christian Draege, director of the Macroeconomics Department of the Berlin Institute of World Economics, pointed out that the foundation of world economic recovery is not stable, and the current growth rate is still lower than that before the financial crisis, while many "headwinds" such as the rise of trade protectionism, the difficulty in improving the productivity of many countries and the widening income gap follow.

　　The International Monetary Fund believes that the imbalance of world economic development is obvious, some countries turn to inward-looking economic policies, and even trade protectionism tends to appear, and global economic growth is facing major challenges.

　　The World Bank also reminded that although global financial conditions are still conducive to economic growth in the near future, if developed countries such as the United States accelerate the tightening of monetary policy, it will likely trigger global financial market turmoil.

　　Protecting the long-lost recovery momentum of the world economy has become the common hope of all walks of life for the Hamburg Summit. Dilk Mesner, president of the German Development Research Institute, a German think tank, expects that the Hamburg Summit will enable the G20 to take an important step towards a brand-new, extensive and stable group, so as to ensure the sustainability and inclusiveness of world economic growth.

　　Lagarde, managing director of the International Monetary Fund, also called for countries’ economic policies to focus on supporting growth and improving productivity, and to strengthen cross-border cooperation under the multilateral framework.

　　Looking forward to pushing structural reform.

　　The world economy is stable and far-reaching, and the driving force comes from structural reform.

　　At the just-concluded meeting of BRICS finance ministers and central bank governors, the five countries unanimously promised to work together to deepen structural reforms, tap new economic growth points, and jointly cope with the development dilemma.

　　Structural reform is not only the consensus of BRICS countries, but also many difficult problems facing world economic growth today can be found from it.

　　Structural problems not only restrict the economic growth of all countries, but also trigger the risk of trade protectionism. Maurice Obst Feld, chief economist of the International Monetary Fund, said that after the global financial crisis in 2008, the economic recovery of developed countries was slow, coupled with the destruction of the labor market structure, some countries showed a policy tendency of zero-sum game, which would damage the international trade partnership and wider multilateral cooperation.

　　Last year, one of the important achievements of G20 leaders in Hangzhou Summit was to deepen the agenda of structural reform. For the first time, the summit formulated the priority areas, guiding principles and index system of structural reform, including 9 priority areas and 48 guiding principles.

　　The first Technical Assessment Report on the Progress of Deepening the Structural Reform Agenda of G20 recently submitted by the Organization for Economic Cooperation and Development to the governments concerned holds that the current reform efforts are weaker than when the financial crisis broke out. At the same time, the reform of tax structure and public expenditure efficiency is generally lagging behind.

　　Mesner called on the Hamburg Summit to send a firm signal of multilateralism to the outside world, resolutely support global cooperation and push forward various reform agendas.

　　The International Monetary Fund suggests that in order to ensure the momentum of world economic recovery, countries should take measures to promote demand, improve productivity, increase labor supply and promote investment through structural reforms and appropriate fiscal policies; Upgrade public infrastructure and provide support for low-income people.

　　Call for the defence of free trade

　　The world economy is stable and far-reaching, based on free trade.

　　Economists agree that since the end of World War II, globalization has been an important force to promote world economic growth, and free trade has benefited all countries and lifted many people out of poverty.

　　However, the current trend of "anti-globalization" is on the rise, and globalization is facing many challenges.

　　Robin Neblett, director of the Royal Institute of International Studies, once pointed out that Britain and the United States, two former promoters of the free economic order, both chose to take a step back in the process of deepening the free economic order. One chooses "Brexit" and retreats to protect itself; One pursues "American priority" and is uninterested in multilateral trade agreements. The dominance of Britain and the United States in free trade and globalization is declining.

　　Jim O ‘Neill, the "father of BRICS", said that globalization is not a zero-sum game, and world trade is beneficial to the whole world and the global population. Defending globalization and free trade has become an ardent expectation for the Hamburg Summit.

　　German Chancellor Angela Merkel, the host country of the Hamburg Summit, has repeatedly stated that the Hamburg Summit will strive to reach a global institutional framework to make full use of the opportunities brought by globalization, limit the risks of globalization and make globalization benefit more people. Merkel and many German government officials have repeatedly reiterated their opposition to trade protectionism and their determination to defend free trade.

　　The recovery of the world economy is mixed. As an important platform for global economic governance, the G-20 shoulders the heavy responsibility. Tap the source of vitality for long-term growth, point out the direction for structural reform, and issue a common voice for globalization and free trade … … This July, the world looks forward to the strong voice of the Hamburg Summit.