1 Sep, 2016
Beijing, 23 August 2016, (People’s Daily Online)–The G20 summit in Hangzhou is scheduled to take place on Sept. 4 and 5. It is regarded as the next in a line of globally influential events hosted by China, coming after the 22nd APEC Economic Leaders’ Meeting in 2014. The summit, as China’s most important diplomatic event this year, will be a significant platform to boost global economic growth and enhance global economic governance.
There are four major tasks that the summit is expected to accomplish.
First, the summit will offer solutions for slow global economic growth. Currently, with the sluggish recovery of the world economy, weak trade and investment as well as turbulence in the international financial market, the global economy is facing downward pressure. Given this situation, the G20 Hangzhou summit is being viewed with high expectations by the international community.
With a focus on jumpstarting growth and reviving global trade and investment, the leaders at G20 will come up with effective measures to stabilize growth expectations and boost long-term economic development. As the current G20 president, China will make a series of relevant proposals. For instance, China will encourage G20 leaders to create a blueprint for innovative growth, identifying priorities, guiding principles and an index system for structural reform. Another goal is to formulate important documents, such as a plan for global trade growth and international investment. Through these efforts, China hopes to promote international financial structural reform, thereby facilitating the strong, sustainable and balanced growth of the world economy.
Secondly, the summit will boost international cooperation. G20 members have regularly joined together to revitalize the world economy since the outbreak of the international financial crisis. They have also cooperated extensively in the fields of energy, labor and climate change. The Hangzhou summit will attempt more achievements on climate change and anti-corruption. G20 member countries will increase their contributions toward coping with climate change by accelerating the implementation of the Paris Agreement. In addition, they will make more efforts in anti-corruption by drafting guidelines on the recovery of ill-gotten gains, establishing specialized research centers and making a 2017-2018 action plan.
Thirdly, the summit will write a new chapter in international development. As the largest developing country, China will play a guiding role in the implementation of the 2030 Agenda for Sustainable Development. The summit will, for the first time, highlight the importance of development in a global macro-policy framework. Also for the first time, an action plan will be formulated based on the 2030 Agenda for Sustainable Development.
This summit will steadfastly represent developing countries, especially as more developing countries will attend the meeting. China hopes to show the world that G20 is focused not only on its own interests, but also on the common development of all human beings. Africa and least developed countries were for many years the victims of injustice in history. Now they are in urgent need of accelerated industrialization. The G20 Hangzhou summit will make historical contributions to industrialization, poverty alleviation and sustainable development in these countries.
Lastly, the summit will serve as an opportunity for the world to learn more about China. China has entered an economic “new normal”. Though its growth has slowed, China’s economy has become more healthy and sustainable. According to a survey by Pew Research Center in August, 87 percent of Chinese respondents believed that China’s economy is in a good state. This reflects the faith of the Chinese people in Chinese economic governance. G20 guests will not only experience China’s potential firsthand, but will also enjoy Chinese culture and hospitality during the summit.
Poised for success at this important moment in history, the Hangzhou summit is being set up to go down as the most fruitful one in the history of G20.