Despite all the hand-wringing over the vaunted China slowdown, the Chinese economy remains the single largest contributor to world GDP growth. For a global economy limping along at stall speed – and most likely unable to withstand a significant shock without toppling into renewed recession – that contribution is all the more important.

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”.

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.

Amid changes in global political culture and turbulent relations between powers, it is unprecedentedly difficult to create, readjust and implement rules of global governance. Efforts must be made to resist the populist, nativist and nationalist political culture that is expanding and increasing throughout the world so that major-power relations can be stabilized and improved.

A new Penguin Special book attempts to recast China’s rise using eight “imperfect analogies.” Jared McKinney reviews the effort and reflects on the use of analogies in American political discourse, arguing that China’s rise broadly conceived still shares the most similarities with that of another contemporary great power: America.

Hosting the G20 Hangzhou summit will boost China’s reform and will be a new starting point for China’s growth and development. The Hangzhou summit will also set a new vision for the G20 and shape a new pattern for global economic growth, thus benefiting the entire international society.

China’s stock market and RMB exchange rate both took a hit, but these were obvious reactions to Britain’s surprise vote to leave the EU. This brand of populism will get a boost from the success of the Brexit “Leave” campaign, but the long-term global effects will take years to become clear.

Let’s seize this opportunity, pass the Trans-Pacific Partnership and make sure America isn’t holding the bag, but holding the pen.

China will use its presidency to focus on growth and guide international economic cooperation, and promote the new foreign policy concepts Beijing has adopted in recent years such as “win-win cooperation”, “a new model of major-country relationship” and “a global community of shared future” – all aimed at creating a better future for the world.

The process of globalization has dramatically transformed state-to-state relations at regional levels: As bonds of community of interest are being formulated on greater scales, cooperation will become essential for coexistence in the future. China-US cooperation in the construction of regional order for the Asia-Pacific is not only in their fundamental interests, but also the two major countries’ historical responsibility for the area.