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Wang Yi: Adhere to Multilateralism and Improve Global Governance

On May 21, 2018 local time, State Councilor and Foreign Minister Wang Yi attended the first session of the G20 Foreign Ministers' Meeting in Buenos Aires and addressed the topic regarding "multilateralism and global governance".

Wang Yi said that the establishment and development of the G20 are new embodiments of multilateralism and important progress of global governance reform. It is of great significance to jointly discuss issues concerning multilateralism and global governance on the occasion of the 10th anniversary of the launch of the G20 summit mechanism.

At present, the world is not peaceful as global challenges are emerging one after another. Economic globalization has encountered headwinds while unilateralism and protectionism are on the rise. To decide on which path all parties should follow is a question of the era that must be answered.

There is an old saying in China that history, as a mirror, reveals the rule of rise and fall. History often takes us to similar crossroads. In the face of economic crisis in 1930s, all countries pursued benefits at others' expense and put up protectionist barriers against their neighbors, which led to an overall recession of the world economy, and the "Great Depression" became an important factor that triggered the Second World War. Ten years ago, giving play to the partnership spirit of helping each other in times of trouble, we set up the G20 summit mechanism as a new platform for global economic governance to enhance macro policy coordination and jointly adopt measures to stabilize the situation, achieving world economic recovery and growth.

History has proved from both positive and negative aspects that adhering to multilateralism, improving global governance, and building a community of shared interests are in line with the trend of the times and conform to the common interests of all countries. We should take win-win cooperation as the goal to build a new type of international relations. We live in the same world where no one can solve all problems alone. Any side pursuing protectionism not only shuts its door to others, but also blocks its own path. Therefore, the international community should advocate win-win cooperation even more. We should resolve issues through consultation on an equal footing and resolve disputes through candid dialogue on the basis of mutual respect. This is an important embodiment of the spirit of democracy and rule of law at the international level and also a significant guarantee of international fairness and justice.

We should jointly build a community with a shared future for mankind backed by multilateral mechanism. The United Nations (UN) is the core of the current multilateral mechanism. The purposes and principles of the UN Charter are cornerstones of contemporary international relations. The World Trade Organization represents the rule-based multilateral trade system, and its core values and basic principles must be firmly upheld. As climate change is the common challenge faced by mankind, the Paris Agreement should be actively implemented. The G20 has demonstrated the progress of global governance and should play a better leading role in promoting economic globalization to develop toward a right direction. All countries should jointly well safeguard the planet on which mankind depends, and make joint efforts to build a community with a shared future for mankind.

We should improve global governance under the guidance of reform. The reform of governance system is not to overthrow the past, but to make reform and innovation and keep pace with the times to present the wishes and interests of most countries in a balanced way. We should adapt to the new changes in the international economic landscape and enhance the representativeness and right to speak of developing countries. We should take an inclusive and open attitude toward new mechanisms and support all efforts to improve the multilateral system and promote common development.

Wang Yi expressed that China will always be a builder of world peace, a contributor to global development and a defender of the international order. We firmly believe that he who travels alone goes fast, but he who travels in company goes far. China looks forward to working with other members of the international community to make joint efforts to create a better future for the world!

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