Global South countries gain growing influence in G20: expert

Global South countries, as a grouping of emerging markets and developing countries, are poised to exert a stronger influence within the Group of 20 (G20), backed by robust growth rates and increasing economic clout, as highlighted by experts ahead of the 19th G20 Summit in Rio de Janeiro, Brazil.

Wang Lei, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS) and a member of Think 20, a think tank for the G20, said global trade and economic data point to the increasing strength and influence of the Global South within the G20, a crucial international platform for global economic cooperation.

"According to the recently released IMF report, even for this year and for the coming years, the developing countries' general growth pace will be much higher than the developed countries in general," Wang said.

Experts noted that many of these Global South countries possess abundant natural resources and a skilled workforce. However, they grapple with significant challenges such as social inequality and poverty, necessitating urgent financial support.

"Of course, emerging markets are becoming more confident for G20 as you would expect, and with the increasing economic clout that they also have, and we do see rising tensions particularly along the geopolitical lines, we also see the first signs of fragmentation of trade. So, what we really need is a multinational cooperation," said Ralph Ossa, chief economist at the World Trade Organization (WTO).

Between 2022 and 2025, the G20 summit is hosted in Indonesia, India, Brazil, and South Africa. Therefore, experts suggest that the series of G20 presidencies held by emerging economies has further bolstered the advancement of the Global South agenda within the G20.

"On the one hand, the Global South will put forward, will introduce more new vehicles in terms of multilateral governance, at same time it's also very important to further reform international mechanism," Wang said.

The 19th G20 Summit is set to take place from Nov. 18 to 19. Under the Brazilian Presidency in the summit, there are three priorities: fighting inequality, promoting social inclusion and fighting hunger; combating climate change, promoting energy transition and sustainable development; and reforming global governance institutions. All will involve practical discussions and collaboration among involved countries and organizations.

Global South countries gain growing influence in G20: expert

The all-around rural revitalization is crucial for both developed regions and those that have shaken off poverty, with new growth drivers emerging for rural areas, said an expert when interpreting the annual central rural work conference held in Beijing from Tuesday to Wednesday.

The conference emphasized the need to learn from and apply the experience from the Green Rural Revival Program to advance rural revitalization in all respects.

In June 2003, east China's Zhejiang Province launched the Green Rural Revival Program, which plans to renovate about 10,000 incorporated villages and transform about 1,000 central villages among them into examples of moderate prosperity in all respects.

Ye Xingqing, a senior researcher at the Development Research Center of the State Council, said all-around rural revitalization can be comprehended from various dimensions.

First, the revitalization encompasses various aspects such as economic, political, social, cultural, and ecological development, along with Party building. Second, the measures to promote rural revitalization are also comprehensive, including revitalization in industries, organizations, talents, ecology, and culture, according to the expert.

"An important element of all-around rural revitalization is that, in terms of regions, both developed regions and those pulled out of poverty are faced with the new task of rural revitalization. Especially in regions lifted out of poverty, it is essential to align efforts to consolidate achievements in the battle against poverty with those to promote all-around rural revitalization," Ye said.

As the focus of work related to agriculture, rural areas, and rural residents shifts towards promoting all-around rural revitalization, a series of new changes has taken place in China's agriculture and rural areas in recent years, and new growth drivers for rural areas are gradually taking shape.

"This includes new business models, such as the use of digital and smart technologies to transform traditional industries, which many regions are embracing. There have also been new developments in boosting rural consumption and investment markets. For instance, in the first to third quarters of 2024, retail sales of consumer goods in rural areas have shown a growth rate surpassing that of urban areas," Ye said.

All-around rural revitalization vital for developed and previously impoverished regions: expert