G20 Must Address the Anti-Globalization Undercurrent to Stay Relevant

Immigration, trade and many other aspects of globalization are interwoven into daily routines, taken for granted, and some opponents contend that communities and entire countries can easily sever the connections. G20 leaders, meeting in Hangzhou, China, must address global stagnation and populism that feed resentment and disrupt cooperation, increasing inequality and the power of despots. Otherwise the summit won’t be successful, argues Peter Drysdale, head of the East Asian Bureau of Economic Research for Caixin Online. “Leaders need to recognize the global economy is staring down at a deeper abyss now, and bring a sense of urgency – if not crisis – to Hangzhou,” he writes. Drysdale expects a lot from China, a nation struggling with its own set of challenges. Still, he urges the G20 to act more like a steering committee for the global economy, acting on reforms of trade and finance in practical ways, rather than a bureaucratic think tank removed from actual operations. China and Asia can lead on reviving the G20 with commitment on open economic growth, financial security and determined cooperation in tackling global challenges. – YaleGlobal .