The former Goldman Sachs economist who coined the acronym BRIC to describe the emerging economic powerhouses of Brazil, Russia, India and China believes China can play an important role in raising global economic cooperation to a new level at the G20 Summit which it hosts for the first time in its history this September.
Jim O’Neill earned himself global fame with the BRIC acronym, and it showed his insight into the development of the world economy and his early recognition of the key role that China will play in the future.
O’Neill believes China is now ready to play a pivotal global role, and that leadership of the G20 is the platform to demonstrate that.
SOUNDBITE (ENGLISH): JIM O’NEILL, Commercial Secretary to the Treasury “So, I think China can play a very important role in a broader sense of economic cooperation. China has become the second largest economy in the world on some criteria. Purchasing power parity, it is already the largest or close to it. And we need to have, in order to sustain global economic growth, is shared consensus, not necessarily the same policies but shared consensus, about the appropriate policies that come from different parts of the world. And of course China has had remarkable success not withstanding some of its considerable challenges now in raising the welfare and wealth of its 1.3billion people. And I think it can help others, especially in the emerging world of moving down a similar path and contributing to a stable and more prosperous world economy.”
O’Neill says that the G20 Summit in the Chinese city of Hangzhou will be an important moment for world governance and for the community of nations.
He believes that China will be able to fulfill its role as champion of the emerging world, and he will be bringing his independent Review on Antimicrobial Resistance to the summit.
The review, unveiled in London this week, seeks to tackle the rise of superbugs, which become more resistant over time to antibiotics. This resistance is currently leading to 700,000 deaths a year globally, and could kill 10 million people a year by 2050.
He believes the international community, led by China, can take steps to avoid this catastrophe now.
SOUNDBITE (ENGLISH): JIM O’NEILL, Commercial Secretary to the Treasury
“Of course it is a very historic moment in global economic governance. China has not hosted the G20 before. In a broader sense it is a very exciting moment. Therefore I am hopeful that China will play a coordinating role in allowing the more proactive voices about finding a solution for new drugs to have the right time in order to have an agreement to come from it.”