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China urges an institutionalized US-China G2 framework for global stability

Beijing adviser Zheng Yongnian said the approach would aim to move beyond US-EU-style bilateral trade disputes with China and rebalance the global economy with all three sides working together.

Reported · Written up by our desk · Trade & Tariffs

An adviser to Beijing has called for an “institutionalised” US-China G2 framework as a way to provide a “structural guarantee” for global peace, arguing the world is facing multiple interconnected crises, including geopolitical conflict and economic imbalances, according to SCMP Economy.

Zheng Yongnian, a political scientist and dean at Chinese University of Hong Kong, Shenzhen, said the situation reflects what he called a “crisis of modernity,” adding that the UN-centred governance system is losing influence while societal tensions and other challenges intensify, the outlet reported.

At the Baichuan Forum in Shenzhen on Saturday, Zheng said a key question was how to get beyond the US and European Union’s bilateral trade disputes with Beijing, and instead rebalance the global economy by having all three sides cooperate.

He also argued that China and the United States could consider an “open-source” approach to international development, applying each side’s strategies to regions where they have distinct comparative advantages, SCMP Economy added.

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