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G20 focuses on world economy and finance


08-25-2016 12:26 BJT

Full coverage: G20 Hangzhou Summit

The biggest diplomatic event of the year for China -- the G20 Summit -- is now only ten days away. It will take place in Hangzhou, the capital and most populous city of Zhejiang Province in east China. The city lies on the edge of Hangzhou Bay, neighbouring the financial hub of Shanghai. This year's G20 summit is expected to focus primarily on the world economy and finance.

The G20 Summit will be held for the first time in China next month with the theme "Building an innovative, invigorated, interconnected and inclusive world economy".

The world's economic recovery has been slow...Super easy monetary policies implemented in Western countries have stagnated reforms. In developing countries, imports are declining and manufacturing sectors are shrinking.

Global trade growth will remain subdued this year at 2.8 percent, according to the World Trade Organization. This will be the fifth consecutive year of growth below 3 percent.

How to establish more effective ways to resist financial risks and promote free trade will likely dominate this year's G20 summit agenda.

"This is a very important summit for all the countries in the world. China is hosting this summit because it is what other countries wanted. It's the other countries that wanted China to host this event. In recent years, there have been plenty of problems in the world economy, and all the countries in the world, including G20 members, are eager to find solutions. Other countries know China can be a leader in addressing the world's economic problems. So they would like China to host this event, and provide the opportunity for other countries to deal with these problems," Su Xiaohui with China Institute of International Studies said.

As the world's largest emerging market, China always puts economic development at the top of its agenda. Experts say the G20 will be a chance for member nations to formulate an action plan on the implementation of the 2030 Agenda for Sustainable Development.

Apart from pushing for global trade and financial regulatory reforms, China is expected to focus on issues such as energy efficiency and infrastructure.

"China has its own contribution to this platform. China has made some very successful achievements, like the AIIB, which is a very ambitious plan that has gained the support of many other countries. China is providing new ideas like innovation and green finance. What China is trying to do is link the idea of development to environmental protection. As you may know, China has made contributions to climate change ideas,"

This year's G20 summit will be a meeting between traditional financial organizations and emerging economies. Experts say, as the world faces economic headwinds, China will play an increasingly significant role in boosting global growth and improving economic governance.


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