Dealing with global crisis needs global cooperation

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BEIJING, March 30 (Xinhua): The G20 summit, scheduled for April 2, brings together major industrialized and developing nations. It provides a platform for their leaders to strengthen coordination and cooperation in the global efforts to tackle deteriorating and complicated economic woes.
Whether the G20 countries, which represent about 85 per cent of the world's output, could advance global partnership is vital to restore world confidence amid crisis.
"The world can work together," said British Prime Minister Gordon Brown who is going to chair the summit. As indicated by history and the current crisis, sincere cooperation among countries is the most effective way to overcome crisis. Only by working together, can we tide over the crisis and forge ahead.
Experience from the Great Depression in the 1930's also showed that protectionism could save no country. The 1997 Asian financial crisis has taught the world another lesson that developing countries' participation is indispensable in tackling a major crisis.
Hence, the G20 came into being as a dialogue mechanism among developed and developing nations.
The current severe tests make global cooperation even more urgent when major developed economies bogged down in deep slump, and the emerging and developing economies were badly hit.
The world economy and global trade have suffered significant downturn with uncertain prospects. We are now in an era of globalisation when all countries are closely interdependent.
Fiscal stimulus and government bailout plans at the national level are not effective enough to tackle a global financial crisis of such exceptional scope and destructive force.
Any country which adopts the beggar-thy-neighbor policy may as well suffer the consequence of its own making. Economic stimulus measures are most effective if implemented internationally.
As Nobel Prize-winning economist Joseph Stigliz said while addressing the 10th China Development Forum, a global crisis needs united measures.
How far global efforts can go to a big extent determines how soon the world economy starts to recover. As the financial crisis worsens, more and more countries have chosen to strengthen cooperation while brushing aside differences.
To date, policy measures unveiled by different countries, ranging from stimulus packages to rate cuts, and the emergency loan programs initiated by international institutions for the countries in predicament all indicate a rising awareness of cooperation.