BEIJING, (Xinhua) — “What is wrong with this world, what we should do about it?” Chinese President Xi Jinping raised “the question of our times” at the Bali G20 summit, after he first asked the question at the World Economic Forum back in 2017 at Davos, Switzerland.
“The world economy is getting more fragile. The geopolitical environment remains tense. Global governance is seriously inadequate. Food and energy crises are compounded with one another. All this poses formidable challenges to our development,” he observed.

The G20 accounts for two-thirds of the world’s population and contributes nearly 90 percent of the world’s gross domestic product and 80 percent of global trade. Thus, as Xi sees it, it is incumbent on the group to play a leading role in tiding the world over the current rough patch and creating a better future for humanity.
“Facing global challenges, all countries are in the same boat, and the only way out is to work together and strengthen cooperation,” said Xu Feibiao, director of the Center for BRICS and G20 Studies at China Institutes of Contemporary International Relations. “As long as the G20 members stand together, they will bring hope to the world as to fixing global problems.”
As the leader of the world’s second-largest economy, Xi walks his talk. Although protectionism has reared its head over recent years, Xi stands firm on defending globalization and building an open world economy.
At the Osaka summit in 2019, in defiance of strong unilateralist and protectionist headwinds, Xi announced five major measures to further open up the Chinese market, including increasing imports and providing equal treatment to all types of businesses. China, under his leadership, has remained a major engine for global economic growth, contributing around 30 percent of world growth over the years.
To “the question of our times,” Xi has his answer — building a community with a shared future for mankind. At the Bali summit, he called on all countries to embrace the vision, and advocate peace, development, and win-win cooperation.

Over the past decade, China has contributed its strength to this overarching vision with firm conviction and solid actions. The Belt and Road Initiative (BRI) is a vivid example. So far, over 150 countries and over 30 international organizations have signed cooperation documents with Beijing under the BRI, a testimony to its growing global appeal.
As a crucial cornerstone of building a community with a shared future for mankind, Xi proposed in recent years the three global initiatives, namely the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, offering China’s solutions to major global challenges pertaining to peace and development.
“In a time marked by fears, irrationalities and confusion, Xi Jinping is rightly calling for a rational approach to solve the issues we collectively face,” said David Gosset, a French expert on international affairs and founder of the Europe-China Forum, adding that China’s openness and predictability have become a key stabilizing factor in a world of risks and uncertainties.