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G20 to focus on world economy and finance


08-26-2016 12:52 BJT

Full coverage: G20 Hangzhou Summit

The 2016 G20 summit is just 9 days away. One of the summit's key aims is to seek new momentum to reinvigorate the global economy. A joint think tank group consisting of scholars from major research organizations in China have released two reports. The first ranks the G20 countries according to their level of innovation while the second is an analysis of key economic issues.
For the first time, innovation will be a discussion topic for the G20 summit.

On Wednesday, the Chinese Academy of Social Sciences issued reports on innovation, competitiveness and the economic drivers of the G-20 economies. The executive chief editor of the reports says they aim to help the summit participants discover how to harness their advantages for technological innovation.

"After the global financial crisis in 2008, most of the countries have started to place their hopes of economic recovery on technological innovation. So what we are doing right now is to help the 20 economies find out the advantages and weakness of their technological innovation development, help them solve those problems, and consolidate their current achievements in the area,"  Professor Huang Maoxing with Fujiang Normal University said.

China has started the countdown to the big event.

China's Foreign Ministry, on Wednesday, confirmed the attendance of world leaders to the Hangzhou summit. Leaders such as US President Barack Obama; UK Prime Minister Theresa May; and  Russian President Vladimir Putin, will participate in the summit. Meanwhile, leaders of international organizations such as the United Nations, the World Bank, and the International Monetary Fund will also be present.

Also, this year's G20 summit in China will see more leaders from developing countries than before.

"Voices of developing countries will be fully heard at the G20 Summit," China's Foreign Ministry spokesman Lu Kang said.

China's Foreign Minister Wang Yi expressed confidence over the success of the G20 summit during his visit to Japan.

"China has realized its obligations and responsibilities as the host. We are making final preparations and the summit's key achievements have been locked in. This summit could become the most fruitful one so far," Wang said.

"Building an innovative, invigorated, interconnected and inclusive world economy..." This is the theme of this year's G20 Summit.

Experts say the world's economic recovery has been slow.  How to establish more effective ways to resist financial risks and promote free trade will likely dominate this year's G20 summit agenda.

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