An effective form of multilateralism, with strong support from international organizations, is crucial if we are to address the current crisis in public health, economic recession, and global governance, according to a panel discussion that took place during the sixth China and Globalization Forum in Beijing on Nov. 12.

The forum, which was hosted by the Center for China and Globalization (CCG), a Beijing-based think tank, has put forward institutional and economic suggestions for international relations that feature mutual trust, equality, justice, and win-win cooperation.

Spontaneity to consciousness

As the world economy recovers and as virus prevention and control efforts become a new norm, Du Zhanyuan, president of China International Publishing Group (CIPG), underscored that the pandemic has caused us to reflect on the issues brought about by rapid globalization since the last century.

"I believe the new form of globalization in the post-COVID-19 era will experience profound adjustment," Du said. He was referring to a switch in mental processes, from spontaneity to consciousness, meaning the rise of awareness to develop globalization.

According to Du, globalization is likely to be improved in six aspects: the fields it entails, the balance of its structure, the sustainability of its development, the effectiveness of governance, the interests that are integrated, and the technological innovation.

In addition to political, economic and technical measures, Du noted that a cultural perspective could be added to the global governance system, by which he referred to the virtues of equality and selflessness embodied in traditional Chinese culture.

"Compared with confrontations and conflicts, mutual trust and managing differences while seeking common ground are a more effective approach to bridge differences," Du said.

Reinforcing multilateral cooperation

Zhu Guangyao, a former vice minister of finance who now serves as a CCG advisor, stressed the urgency and importance of restoring and reinforcing the G20 mechanism, which is essentially in disarray currently.

"The most important function of the G20 is to build cohesion and solidarity among major countries in times of crisis, to focus on the cooperation and coordination on macroeconomic policies, and to address the most urgent policy issues on crisis management," Zhu explained.

Zhu further put forward three suggestions concerning the function of G20. They were: to strengthen its coordinating efforts on macroeconomic policies, including those for finance and currency; to reach consensus on the effective supervision of the digital economy; and to reinforce the role it plays in trade policies.

Marcos Troyjo, president of the New Development Bank (NDB), pointed out a new trend. Some emerging market countries, such as China, India, and Mexico, have surpassed G7 countries in terms of their GDP.

In addition, Sir Danny Alexander, vice president and corporate secretary of Asia Infrastructure Investment Bank (AIIB), added that the support of international institutions remains crucial to successful global cooperation.

Alexander urged countries to value the existing institutions and mechanisms and to keep in mind the necessity of establishing new organizations in the face of emerging challenges. He hoped to promote cross-border cooperation and to encourage investment from the private sector for the development of infrastructure.

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