Zhu Min, former deputy managing director of the International Monetary Fund

The outbreak of the COVID-19 pandemic shows that the global economic and financial governance system built 70 years ago is extremely outdated, Zhu said. It has lagged far behind the reality and needs of the global economy and can no longer provide sufficient public products for global economic development and changes.

“Therefore, when we are considering reforming and building a new global governance mechanism to cover and address new major challenges, we need to consider top-level design, which is to build the G20 to become the top leadership of the global economic governance. We need to specify its functions, status, and implementation capabilities, and build the G20 into a true political force that represents the global economy and finance,” Zhu said.