The world is at a crossroads and the Group of 20 (G20) shoulders the responsibility to help the world move forward in the right direction of globalization, said Stephen Perry, chairman of Britain's 48 Group Club.
"The world is at a bit of crossroads in terms of continuing with globalization, putting right the mistakes or moving towards a more protectionist approach," Perry told Xinhua in a recent interview.
"There are lots of responsibilities that now lie on the shoulders of the G20 to find solutions and ways forward," he said.
Faced with grave uncertainties, the G20 has to take the steps to create the resolutions that lead to more employment and more growth, said Perry.
This year's G20 summit, to be held from Nov. 30 to Dec. 1 in Argentina, marks the 10th anniversary since the first leaders' meeting took place in 2008 in response to the global financial crisis.
"The crisis in 2008 led to the creation of the G20 because the world couldn't find a forum for the important countries to show leadership for the world," said Perry. "Now is the time in history when the G20 can show itself. They need to be a bit braver, bolder than they have been in the past."
"When you look at history, it's quite clear if you move towards protectionism, it doesn't solve anything and sometimes end in wars. So the question is how does the G20 solve the contradiction that is out there in the world," he said.
In order for the world to move in the right direction, globalization needs to be more inclusive so that more countries, including the developing ones, can benefit, he said.
"The sharing of the benefit of globalization hasn't been fair," Perry said, adding that unless the countries of Africa, Asia and South America benefit from globalization, there will be problems in those countries and the advanced economies will not benefit.
The upcoming G20 meeting, themed "Building Consensus for Fair and Sustainable Development," will focus on issues like global economy, trade and investment, sustainable development, infrastructure and climate change.
"Three to five years ago, British newspapers were criticizing China for investing in infrastructure. Now most economists recognize you cannot have long-term, even medium-term growth without investment in infrastructure," Perry said.
China's Belt and Road Initiative is one of the most "transformational" platforms ever put into the world markets, said Perry, noting that China, after 40 years of reform and opening up, has the finance, skills and experience to push forward the initiative.
"The Belt and Road Initiative is transformational because it's transnational, so infrastructure development under the framework can become more inclusive in development," he said.
