Skip to navigation
Skip to content
for local governments, particularly those that are eager to interact wit
上海龙凤1314女神会所h the outside world, to improve their ability to communicate with foreign parties, and m
inimize the influence of linguistic and cultural differences on mutual understanding.
When trade frictions among major economies escalated and talks were suspended, th上海龙凤1314女神会所
e G20 played a significant role in mitigating trade tensions, facilitating dialogue and safeguarding the m
上海龙凤1314ultilateral economic governance mechanism. And since economies still face difficulties in settling trade disputes, th
e G20 should continue to help them negotiate and reach acceptable agreements.
There is no doubt that unilateralism and trade protectionism pose a threat to economic globa上海龙凤1314女神会所
lization and intensify the global governance deficit. In particular, the US’ punitive tariffs on imports, e
specially from China, has intensified the trade conflicts and hurt the world economy－so much so that the Interna
上海龙凤1314tional Monetary Fund has warned that global GDP growth will decline by 0.5 percent if the trade frictions continue till 2020.
China has advocated that the World Trade Organization be reformed and the global economic order
maintained based on the principle of multilateralism so that trade disputes can be settled according to WTO rules.上海龙凤1314女神会所
But the economies disagree with some of the existing WTO rules and the system of governance. De
spite that, they are yet to find ways to improve them. Also, the economies don’t have any agreement on how
上海龙凤1314女神会所to govern emerging industries such as e-commerce and deal with behaviors harmful to the market. Which means there
is a need to strengthen the global economic governance system by modernizing rules, especially those of the WTO.
Besides, the major economies need to coordinate their policies to provide more public goods a
nd work together to improve global economic governance. Only if major economies cooperate can they produ上海龙凤1314
ce more public goods and strengthen economic governance. Therefore, to sustain global g上海龙凤1314女神会所
rowth and strengthen economic governance, major powers need to synergize their trade policies.