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Innovative growth will be key topic at G20 summit


09-01-2016 00:56 BJT

Full coverage: G20 Hangzhou Summit

Chinese vice minister of finance, Zhu Guangyao says it is important that G20 leaders can reach consensus on key issues at the upcoming summit in Hangzhou. He also says there will be a number of new issues discussed at this year's meetings.

Only a few days to go until the G20 Summit gets underway in Hangzhou. World leaders will discuss a number of issues. But "innovative growth" will be the key term during this year's talks. And for the first time ever, discussion on how to develop a digital economy will be at the top of the G20 summit agenda. Chinese vice minister of finance says he expects the world's first digital economy guideline to come out of this year's summit.

"The first set of global rules for a digital economy should be an inclusive digital financial guideline. This has been discussed by financial leaders and it is awaiting the G20's approval. Its impact will be historic. The world's digital economy is already highly developed. But this will be the first set of global guidelines and rules," Zhu said.

Structural reform will also be another major topic at this year's summit. In the lead up to this year's talks, global financial leaders discussed the need for a number of structural reforms, including opening trade and investment. 9 prioritized areas and 48 guidelines were discussed.

"These guidelines are closely related to G20 reforms.  These policies would be an important Chinese contribution to the development of the G20 if they get approved by world leaders," Zhu said.

Zhu says G20 member countries will also discuss creating a group to develop global infrastructure, communication and connectivity. The World Bank will act as the group's secretariat. The initiative would be another first for the G20. 

"Infrastructure is a very important issue because it is important for the growth and development of the world economy," Zhu said.

Zhu adds that China will play in influential role at this year's G20 summit -- and that the country's experience can help guide world economic growth.

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