日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Global Views

Pivotal moment for G20

By WARWICK POWELL | China Daily Global | Updated: 2024-11-18 07:17
Share
Share - WeChat
MA XUEJING/CHINA DAILY

Uncertainty over US commitment to multilateral institutions casts a long shadow on the grouping's future, forcing the Global South to look for alternative forums to pursue meaningful reforms

The G20 convenes in Brazil on Nov 18 and 19, a little over a week after Donald Trump's victory in the US presidential election. In a quirk of the US system, instead of an election signaling an immediate change of executive authority, there are 76 days between the election day and the inauguration. This period was described by conservative think tank Rand as the "most dangerous period".

Rand's claim, made prior to the election, was premised on the possibility of violence in response to the election outcome. This seems unlikely now.

However, the interregnum is dangerous for other reasons, no more amplified by the G20 and before the APEC, which meets in Peru from Nov 9 to 16. Both of these institutions have historic foundations in US economic preponderance, in which overarching policy directions and multilateral coordination could depend on the active contribution of the US.

These presuppositions no longer hold.

The interregnum is likely to be marked by hastened activities on the part of the otherwise lame duck Joe Biden administration to "Trump-proof" whatever initiatives the outgoing administration believes may be at risk.

The G20 is unlikely to be a high US priority in this context. Will Biden attend for a farewell lap? Or Kamala Harris, in the aftermath of electoral evisceration? The G20 can do little for their legacies, and they offer just as much to the G20.

Brazilian President Luiz Inacio Lula da Silva nominated three core issues to define this year's G20 focus: enhancing greater participation from the countries of the Global South in key institutions, tackling global hunger and inequality and focusing on the challenges of energy transition and sustainable development.

These are laudable. But is the G20 up to the challenge? Is it today part of the problem or part of the solution?

Inequitable development continues to be intimately linked to the structures of contemporary global finance. The post-World War II institutions of the International Monetary Fund and the World Bank remain dominated by Western powers. The United States retains its veto rights over the IMF's decisions.

The IMF functions as the lender of last resort. Ostensibly to assist countries to deal with liquidity issues in the face of balance of payments problems, the IMF's conditional loans have contributed to the consolidation of global inequity and poverty rather than paving the way for their alleviation. IMF conditionality has hampered national efforts to tackle poverty, and research also demonstrates that such conditionality exacerbates unemployment rather than alleviating it.

Is the G20 in a position to address the governance mechanisms and lending conditions that underpin the way the IMF functions globally?

Global hunger has gotten worse in the past five years. According to the United Nations, there are 122 million more people today facing hunger than in 2019. With around 735 million people facing hunger, almost one in 10 people don't get enough to eat. All the talk in the world hasn't improved matters. Can this year's G20 cause a meaningful shift in global policies on this front?

As for the energy transitions, the situation today appears to be more challenging than for any of the previous few years at the very least. Insufficient commitment to financing green energy development has hampered global efforts, China's own accomplishments aside. Advanced nations continue to fail to meet the commitments of$100 billion climate finance, according to Oxfam.

Trump himself has described climate change as a hoax, and argued prior to the election that he would speed up the development of the US shale oil industry. "Drill, baby, drill" was his pre-election mantra. As for global financial reforms, Trump has made it clear that he will resist anything that could diminish the role of the US dollar as the global reserve currency. For Trump, losing the status of global reserve is akin to losing a war. Yet, addressing global inequities — as President Lula has flagged — requires a fundamental reshaping of global financial institutions so that the US dollar does not enjoy this privilege.

Trump won't be attending this year's G20 before his inauguration, but his shadow will be cast over proceedings. On at least two of the three key issues identified by the host country, the US' incoming president appears to be implacably hostile.

The G20 was once the table around which critical multinational economic policy coordination could be undertaken, and where issues that required transnational agreement could be addressed. As things stand, in the current geopolitical climate, and with question marks over the US' future commitment to multilateral institutions, the G20 runs the risk of running out of puff.

In that case, the Global South will have to find alternative forums to pursue meaningful reforms.

The author is an adjunct professor at Queensland University of Technology and a senior fellow at the Taihe Institute. The author contributed this article to China Watch, a think tank powered by China Daily. The views do not necessarily reflect those of China Daily.

Contact the editor at editor@chinawatch.cn.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 一区二区三区四区免费观看 | 国产精品自拍偷拍 | 成人片在线免费看 | 天堂岛av | 午夜男人视频 | 成人在线免费视频观看 | 免费精品在线 | 我要看免费的毛片 | 97人人视频 | 亚洲成在线 | 黄网在线免费看 | 九九热精品在线 | 成人欧美激情 | 精品久久久久久中文字幕 | 欧美日韩成人精品 | 视频一区亚洲 | 欧美午夜精品久久久久免费视 | 国产理论在线观看 | 亚洲最新视频 | 久久福利免费视频 | 国产精品视频 | 亚洲s色| 小泽玛利亚一区二区三区视频 | 成人午夜视频免费看 | 成年人看的免费视频 | 五月天国产精品 | 99久久精品免费看国产交换 | 四虎影院免费 | 国产在线久| 四虎av在线播放 | 欧美日韩精品一区 | 免费能看的黄色网址 | 欧美精品一级片 | 五月综合视频 | 久久久九九| 国产精品波多野结衣 | 久草在在线 | 精品久久国产字幕高潮 | 国产一区二区三区日韩 | 国产高清亚洲 | 日韩精品在线视频 |