No time to lose to implement G20 summit consensus

The persisting world economic woes need quick response based on a broad consensus. Such opportunity for swift actions has arisen as the latest G20 summit in Cannes ended with the endorsement of an action plan which requires debt-ridden economies to take fiscal consolidation measures while urging others to boost domestic consumption. More importantly, it serves as a call for countries to shoulder their respective responsibilities to stabilize the turbulent world economy and maintain its growth in a robust, sustainable and balanced way. Given the precarious world economic situation with slowdown of recovery and simmering U.S. and eurozone debt crises, there was no time to lose to implement these consensus reached in Cannes. In the developed world where many of the current global economic malaises were originated, political higgling and partisan interests should be put behind the most urgent task of carrying out bold reforms to eliminate fundamental structural flaws. The developed economies should also focus on saving themselves and be brave enough to shoulder their responsibility with clear-cut, reliable and concrete fiscal measures. Meanwhile, the Cannes consensus also serves as a call for action for the emerging economies, which maintained strong growth over the years, but are facing the dual challenges of high inflation and declining overseas demand. At the same time, these countries have to fight trade protectionism and strive for having a bigger say in international financial organizations. The consensus at the Cannes summit also highlighted the role of global institutions such as the International Monetary Fund (IMF) in alleviating the world's economic pains and building a financial firewall to protect those heavily-indebted countries from further shocks. In Cannes, leaders of the world's major economies have demonstrated unprecedented solidarity and resolve to boost market confidence, promote global economic growth and safeguard financial stability. As Chinese President Hu Jintao said in his speech on Thursday in Cannes, the G20 must "continue to demonstrate the spirit of standing together in times of adversity and pursuing win-win cooperation." In fact, the challenges that the world are facing could be converted into opportunities for economic growth. There's no time to lose. It's time to act now.