Four major tasks that G20 Hangzhou summit is expected to accomplish

(People’s Daily Online)   / August 23, 2016

The G20 summit in Hangzhou is scheduled to take place on Sept. 4 and 5. It is regarded asthe next in a line of globally influential events hosted by China, coming after the 22ndAPEC Economic Leaders’ Meeting in 2014. The summit, as China’s most importantdiplomatic event this year, will be a significant platform to boost global economic growthand 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 thesluggish recovery of the world economy, weak trade and investment as well as turbulencein the international financial market, the global economy is facing downward pressure.Given this situation, the G20 Hangzhou summit is being viewed with high expectations bythe international community.

With a focus on jumpstarting growth and reviving global trade and investment, the leadersat G20 will come up with effective measures to stabilize growth expectations and boostlong-term economic development. As the current G20 president, China will make a seriesof relevant proposals. For instance, China will encourage G20 leaders to create a blueprintfor innovative growth, identifying priorities, guiding principles and an index system forstructural reform. Another goal is to formulate important documents, such as a plan forglobal trade growth and international investment. Through these efforts, China hopes topromote 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 regularlyjoined together to revitalize the world economy since the outbreak of the internationalfinancial crisis. They have also cooperated extensively in the fields of energy, labor andclimate change. The Hangzhou summit will attempt more achievements on climate changeand anti-corruption. G20 member countries will increase their contributions towardcoping with climate change by accelerating the implementation of the Paris Agreement. Inaddition, they will make more efforts in anti-corruption by drafting guidelines on therecovery 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 largestdeveloping country, China will play a guiding role in the implementation of the 2030Agenda for Sustainable Development. The summit will, for the first time, highlight theimportance of development in a global macro-policy framework. Also for the first time, anaction plan will be formulated based on the 2030 Agenda for Sustainable Development. Read more…

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