Antalya summit brings new hope for world economy
- By Zhang Jingwei
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E-mail China.org.cn, November 18, 2015
Therefore, the latest G20 summit had great significance, providing a new direction for dealing with governance of a healthy global economy.
Fortunately, there are several new initiatives underway. The Trans-Pacific Partnership (TPP), a trade agreement among 12 Pacific Rim countries, was reached on Oct. 5 after seven years of negotiations. Although it aroused lots of dispute, the TPP has promoted other bilateral and multi-lateral free trade agreements.
Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement between the 10 member states of the Association of Southeast Asian Nations (ASEAN) and the six states (Australia, China, India, Japan, South Korea and New Zealand) with which ASEAN has existing free trade agreements.
If the RCEP could be established, it would become the biggest free trade agreement in the world, covering the largest population and involving various members, featuring a large gap in economic development levels, and having the most potential in terms of dynamic vitality.
In addition, the Transatlantic Trade and Investment Partnership (TTIP) and the U.S.-China Bilateral Investment Treaty (BIT) are also progressing steadily. All those free trade and investment agreements initiated by major economies are changing the existing governance of the global economy, and will provide new power to world geo-economics in the post-crisis era.
China's "Belt and Road" initiative is welcomed by international community. The Asian Infrastructure Investment Bank (AIIB) has become one of the most significant financial institutions like World Bank Group.
The main engine of the world economy still relies on major economies such as China, the United States, Europe and Japan. After the global economic crisis, the major economies began to transform their economic governance from QE-based monetary policy to international trade cooperation. That will surely contribute to realizing real recovery of the world economy instead of "new mediocre."
The writer is a researcher of The Charhar Institute.
The article was written in Chinese and translated by Lin Liyao.
Opinion articles reflect the views of their authors only, not necessarily those of China.org.cn.
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