The world’s two largest economies must lead globalization onto a track of fast progress, to further accentuate “development”, placing more emphasis on “the politics of distribution”, rather than on “the politics of production”.

Not long ago, China, Japan and the ROK finally got their foreign ministers together in Tokyo. The foreign ministers’ meeting naturally had an important mission, and the opportunity it created may, to a considerable extent, reshape the relations among the three countries.

As both China and the U.S. play critical roles in reshaping global governance, there is a need for a new concept of “order” that is all inclusive and can accommodate the interests and concerns of all countries, providing a common roof for all.

Chinese concepts and wisdom about “win-win cooperation”, “new type of major-country relationship”, “community of common destiny of all mankind” and “new security concept” will surely contribute to the G20 in the development of solidarity and a partnership spirit.

As China assumes G20 leadership, the prospect of global “protectionism” is on the rise and the stakes could not be higher for cooperation and major structural reforms. Without continued investment and trade, secular stagnation in advanced economies and growth deceleration in emerging economies will continue to broaden.

The US should follow the historical trend of trade liberalization, abandon protectionism, and engage in non-discriminatory free trade. That is the only winning formula for its own and the rest of the world’s economic difficulties.