(G20 Summit) Commentary: Growth through new ways, a well-timed focus for global economy

Growth as a focus of global efforts is on top of the agenda of the upcoming G20 summit to be held in east China's Hangzhou City, which is in a well-timed response to the economic difficulties or crises troubling both developed and developing countries.

This is what the Sept. 4-5 summit under China's presidency will be trying to commit a coordinated global effort to, with a difference to be made that is spelled in its theme "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy."

China's ideas and initiatives highlight adjustment and cooperation in seeking a way to get out of the global economic sluggishness to benefit both developed and developing countries while calling for joint efforts from both.

This particularly makes it necessary to reform the existing international financial and economic system at a time when a long-time stagnation is predicted for developed economies, with the growth rate this or the next year revised down by the International Monetary Fund (IMF) for the United States, Germany, Japan and Britain -- all the vital parts of the global economy.

A possible collapse of the euro zone as reckoned by former U.S. Fed Reserve Chairman Alan Greenspan may further portray the bleak prospect for developed economies, and is expected to cast a shadow over the economy worldwide.

Such a tragedy could come true as a result of the failure of developed economies to overcome the widening gap between the rich and the poor at home, reduce debt burdens and renew vigor and vitality for development after the 2008 global financial crisis, through huge fiscal deficits or large-scale quantitative easing, among other policies.

The situation has led to scepticism and criticism on the U.S.-advocated neo-liberalism, revealing a lack of both ideas and measures in them to drive forward the global economy.

Moreover, it spotlights a need for changes in line with the rising share of the global economy by emerging economies such as China and India in the West-led international economic and financial mechanisms.

A new economic order is expected to lead to the emergence of a new way for economic recovery for developed countries in coordinated efforts featuring a stronger say in the global economic governance for developing countries, which is also a major aim of the G20 that was founded in late 1999 as an important economic forum for fruitful consultations between the developed and developing countries in jointly coping with global challenges.

Such a change is also expected to offer more opportunities for developing countries as well as new ways to address their need in growth.

Experts expect it to lead to a fair sharing of benefits from the global development including the transfer of new technologies to developing countries, and to provide channels for production capacity and investment to flow where they are badly needed.

Some have cited e-commerce, a hot topic to be discussed by business figures on the sidelines of the G20 Hangzhou summit, as an option to bring down the cost of trade and provide more trade opportunities for developing countries and small- and medium-sized enterprises.

They have expressed the hope for a great help in global economic recovery, if not remedies, from the Hangzhou G20 summit, as G20 members, boasting nearly two thirds of the global population, account for 85 percent of the GDP total worldwide. Endi