China should make the best of its presidency at the 2016 G20 summit by making development the centerpiece of the agenda, according to recommendations in a report by the United Nations Development Programme (UNDP) China released on June 26.

Titled Rebalancing Global Economic Governance – Opportunities for China and the G20 beyond 2015, the report was co-sponsored by UNDP, the China Center for International Economic Exchanges and the Shanghai Institute for International Studies.
 

The report analyzed challenges in global economic governance and highlighted sustainable development as the necessary solution to these challenges. The report also urged the international community to reflect on the role of extant structure in economic activities worldwide.

China is in a position to play a crucial role in the changing global economic landscape, UNDP China representative Alain Noudehou said.
 

"As the second-largest economy and the largest developing country, China has become increasingly influential in the international community in light of its leadership role in the New Development Bank (NDB) formed by BRICS countries, the Asia Infrastructure Investment Bank (AIIB) and other emerging organizations," Noudehou said.
 

First, in order to facilitate economic growth and green economy, China might change its policies on economic stimulus, increase spending on sustainable industry and encourage G20 countries to join in the effort exemplified by the China-US Joint Statement on Climate Change.

Second, to push forward economic development, China can encourage G20 countries to adopt a balanced and inclusive approach to economic growth through implementing tax breaks and incorporating sustainable development into their domestic agendas. Moreover, China needs to motivate G20 countries to commit to helping developing countries.
 

Finally, to forge an effective organizational structure for the global economy, China should help coordinate and unify different systems, including the Bretton Woods system, AIIB and the NDB. 

 

 

Feng Daimei is a reporter at the Chinese Social Sciences Today.