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More inclusive development for better globalized world

Globalization now seems to have its best days in the rearview mirror, with voices of frustration having kept gaining volume against the backdrop of a worldwide slow-growth rut.

Although the overarching trend that has turned the planet into a village is itself not to blame, it is time to seriously reflect on and deal with the main charges leveled against it, among which is that it has left many behind and even worse-off.

Thus when the leaders of the Group of 20 (G20) leading economies meet in the eastern Chinese city of Hangzhou in the coming days, they have an unshirkable responsibility on their shoulders to boost inclusive development and help ensure that the umbrella covers all.

The past few decades have seen the best of globalization at work. With revolutionary technological breakthroughs making the movement of people, information and resources increasingly easy and convenient, globalized trade and production chains have generated tangible benefits for billions around the world.

Yet at a closer look, the globalization in its current shape is a lopsided global economic arrangement that has favored the developed economies over the developing ones and the rich over the poor.

In most cases, Western corporate behemoths reap the lion's share of profit while blue-collar Third-World workers toil and moil and can hardly make ends meet. Even in the leading economies such as the United States, globalization has come under heavy fire, as social inequality worsens and jobs relocate overseas.

Meanwhile, Brexit and rampant populism in the US presidential race, among others, have triggered the worries of a resurgence of isolationism, protectionism and blind nationalism.

It is against such a gloomy background that China hosts the 11th G20 summit and embed inclusive development into its theme. It is a timely response to the emerging concerns about unbalanced globalization and a testament to Beijing's resolve to join the rest of the world in rectifying the imbalance.

To that end, China is pushing for a collective action plan on implementing the 2030 Agenda for Sustainable Development, a UN-adopted ambitious blueprint aimed at ending poverty and fighting inequalities.

Fully aware that inclusive development is virtually impossible without better global interconnection, China has rightly committed itself to boosting international production capacity cooperation and helping others improve infrastructure.

The Belt and Road Initiative, which comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road and is dedicated to pursuing common prosperity along the ancient trade routes via win-win cooperation, serves as a concrete testimony to Beijing's commitment.

After all, despite all the criticism, globalization has effectively brought together almost all nations as a community. And considering the close interdependence between different countries and regions, it would be disastrous to place the wagon of globalization into reverse gear and rebuild walls along national borders.

As the premier platform of global economic cooperation, the G20 has an unescapable mission to fulfill and a big role to play. It is time for G20 leaders to pool their wisdom and take concrete actions to make sure that the tide of the times lifts all boats.


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