G20 consensus will boost world economy

In response to global economic growth that had been "too low for too long for too few", as International Monetary Fund Managing Director Christine Lagarde described, the G20 wrapped up the Hangzhou Summit on Sept 5 with a resounding call to revitalize globalization.

In a way, the "Hangzhou Consensus", which is aimed at facilitating global economic growth in a more comprehensive, innovative and inclusive manner, can serve as a "new starting point" for both China and global governance. To make that possible, global leaders should bear those principles in mind while addressing problems at home, and heed lessons from the previous attempts to fix the international economic order.

The Washington Consensus, coined by US economist John Williamson in 1989, proclaims the solution to the problems faced by the less-developed economies in Latin America and post-Cold War Eastern Europe is "neo-liberalism" which stresses the primacy of markets and limits the role of the state.