Op-Ed Contributors

New world calls for shared norms

By Yang Jingzhong and Shang Jun (China Daily)
Updated: 2011-01-29 07:18

The 41st World Economic Forum (WEF) Annual Meeting started in the Swiss ski resort of Davos on Wednesday with the theme of "Shared Norms for the New Reality".

Four main topics for discussion this year are responding to the new reality, the economic outlook and defining policies for inclusive growth, supporting the G20 agenda, and building a sustainable risk response network.

Living in a world that is increasingly complex and interconnected, and having or rebuilding shared norms is vital for the new reality of global recovery.

As the WEF's official website said, "Such norms will need to transcend growing differences across generations, stakeholders and geographies in a multipolar world. For governments as well as corporations, shared norms provide the compass by which leaders give and receive direction, define benchmarks for acceptable and unacceptable behaviors, and ensure inclusive rather than exclusive outcomes."

The global economy has seen improvement in 2011, even though Europe is still under a cloud of sovereign debts. With the development of the Internet and information technology, global sharing of knowledge and technology has become easier and faster, which has also helped to reduce the gap between developed and developing nations.

For the past three years, the overwhelming global financial crisis has made all countries deeply realize they are all interconnected and interdependent. The world pattern has changed, as the G20 is becoming a more noticeable player in global governance.

This year in Davos, more than 2,000 leaders and elite from more than 100 countries have analyzed and elaborated on innovative ideas with common norms and principles that all countries share.

To achieve the goals of global economic governance, all parties ought to promote the world economy toward a balanced, universally beneficial and win-win direction.

In the current global reality, all countries should share and comply with such principal norms.

First, they should strengthen solidarity and coordination and broaden win-win economic cooperation. The sustained development of the multipolar tendency and economic globalization has further deepened mutual reliance. As we can see, in the fight against the financial crisis, global climate change, or avian flu, no country can win any of these battles alone.

For the first time, Davos this year has set the plan of supporting and developing the G20 agenda as the annual highlights, which indicates the importance of the G20 in forming a new world economic order.

Second, the requirement of constructing multiple modern standards is required.

China, India, Russia and Brazil, as major emerging countries, have successfully established a diversified development unique to their economic models.

Third, compared to developed countries, developing countries are still lagging behind. Therefore, the international community, particularly developed countries, should take concrete responsibility to help developing countries, especially African countries, overcome difficulties, and improve external environment for the long-term development in the future.

Last but not the least, all involved parties should continue to support an open and multilateral trade system and coordinating development of different areas.

The growth of the free trade market is bound to promote the speed and breadth of economic development. In the current situation, countries should unswervingly push forward free trade, eliminate unnecessary trade protection measures, and recognize the market economy status of developing countries.

These approaches are consequential to expand cooperation, create a good growing economic environment, and achieve mutual benefit and win-win results.

The authors are with Xinhua News Agency.

(China Daily 01/29/2011 page5)