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G20 Hangzhou Summit Points the Way for the World Economy

China Today by He Yafei, October 13, 2016 Adjust font size:

The 2016 G20 Summit was successfully held in Hangzhou, China on September 4 and 5. This fruitful meeting has set the course for the world in such respects as economic growth, response to global challenges, and global governance system reform.

Chinese President Xi Jinping and his wife Peng Liyuan hold a banquet at the Xizi Hotel in Hangzhou to welcome foreign heads of delegations and all other participants in the G20 Hangzhou Summit on September 4, 2016.

The world economy again stands at a crossroads since the financial crisis of 2008. China, having lived up to expectations, contributed its wisdom and proposals to encourage the leaders of G20 members to reach a consensus on pursuing innovative, invigorated, interconnected and inclusive world economic growth. The achievements of the G20 Hangzhou Summit will without doubt influence global economy and governance in a significant way.

Over the years, the G20 has been devoted to encouraging the world’s economy to grow through sustainability, balance, and inclusiveness. Nevertheless, growth momentum has been challenged lately by various risks and pressures. Over the last eight years the shadow of the financial crisis has loomed over the world. New technologies and industrial revolutions replace the old, but have not saved the world from economic downturn. Moreover, major economies are faced with “graying” populations. Anti-globalization and protectionism are rising in some developed countries, affecting economic globalization, the multilateral trade system, and free trade and investment. In addition, financial risks including over-leverage and economic bubbles are increasing worldwide.

In Hangzhou, G20 leaders agreed to continue enhancing communication and coordination of the G20’s macro-policy. On top of that, the G20 Blueprint on Innovative Growth was adopted to support innovation of development concepts, systems and mechanisms, and business models stimulated by technological innovation. Having reiterated the commitment to reject protectionism, the G20 Strategy for Global Trade Growth and the G20 Guiding Principles for Global Investment Policymaking were worked out as well.

China’s contribution in helping realize these action plans cannot be overlooked. Innovation, coordination, green development, openness and sharing – the new development concepts of China – have been integrated into the consensus of the Hangzhou Summit, and are regarded as a driving force in boosting future global economic progress. The world has witnessed China’s participation and leading role in the G20 mechanism and global governance.

What’s more, through China’s efforts, development was for the first time placed on the summit agenda. Leaders are determined to promote inclusive and interconnected development whereby G20 cooperation will deliver benefits to the whole world. To be specific, development in the global macro-policy framework was for the first time given priority, and a groundbreaking action plan on the 2030 Agenda for Sustainable Development debuted.

As victims of neoliberalism and the Washington Consensus, most developing countries are not benefiting from economic globalization. China has always striven to make development issues a highlight of the G20 Summit. Meantime, based on its successful experience, China has put forward new concepts and projects, like the Belt and Road Initiative, in efforts to make joint progress with other developing countries. It not only identifies with its status as a developing country, but also unswervingly stands with its peers. Representatives from several developing countries were invited to the Hangzhou Summit to take part in discussions on the world’s economic prospects. The action plans and practical outcomes are expected to help reduce inequality and imbalances in global development and deliver tangible benefits to peoples of the developing world.

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