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New global reality calls for new shared norms in world

English.news.cn   2011-01-26 20:36:53 FeedbackPrintRSS

by Xinhua writers Yang Jingzhong, Shang Jun

DAVOS, Switzerland, Jan. 26 (Xinhua) -- 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."

Over 2,500 leaders and elite from more than 100 countries are gathering here, representing business, government, civil society, academia and culture to address new global economic order and economic governance.

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 Risk Response Network sustainable.

Living in a world that is increasingly complex and interconnected, having or rebuilding shared norms is vital for the new reality of the 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 upturn in 2011, even though Europe is still under a cloud of sovereign-debt worries.

As the new economy has been unfolding and restructuring of the world economy has been speeded up, this year's Davos annual meeting will be of great significance on many levels.

"The shifts of political and economic power from West to East and from North to South, as well as the speed of technological innovation, have created a completely new reality," Forum founder and Executive Chairman Klaus Schwab said.

"In Davos this year, instead of looking only at the aftershocks of the recent crisis, we will concentrate on defining the new reality and discuss which shared norms are required for making global cooperation possible in this new age," he said.

With the development of the Internet and information technology, global sharing of knowledge and technology becomes easier and faster, which also helps to reduce the gap between developed and underdeveloped nations.

For the past three years, the overwhelming global financial crisis has made all countries deeply realize they were all interconnected and interdependent to each other.

No single economy can expect to be immune from the impacts of other economies.

The world is in the process of interdependent globalization and all nations make their contributions together to the global stability and development based on wide common interests.

The world pattern has gradually changed, as the G20 is becoming a more noticeable player in global governance.

The global financial crisis makes the world realize it is impossible to solve global economic problems without the participation of developing countries.

This year in Davos, industry CEOs, government leaders, spiritual leaders and others will gather to analyze and elaborate on innovative ideas with common norms and principles that all countries share.

To achieve the fundamental goals of global economic governance, all parties ought to promote the world economy towards 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 multi-polar 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 one of these battles alone.

Emerging and developing countries should regard the improvement of national comprehensive strength as a major strategy, take more active actions in international affairs, and improve world economic governance mechanism.

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.

At the same time, the G20 has been determined as the most promising new organization that dictates the future of the multi-country management model.

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.

The sustainability of these models has been tested and proved in the global financial crisis. The constant development of the emerging countries is significant to helping the world continue to enhance the building-up of multi-level and multi-dimensional communities of interests.

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.

To pull out the world from the current crisis and achieve sustainable economic growth, developed and developing countries have to make concerted efforts.

Developed countries should continue to develop their technological advantages and innovation capability, strengthen banking and financial regulation, and improve market mechanisms.

As for emerging economies and developing countries, they must curb inflation and improve irrational economic structure, but meanwhile they must use their multiple advantages to help the world ride out of the downturn.

Editor: Fang Yang
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