G20 Hangzhou summit to revive world economy
The 11th G20 Summit kicking off on September 4 in Hangzhou will help revive the world economy, read a commentary published on People’s Daily under the byline of Guo Jiping ahead of the summit.
The following is an abstract translation of the article:
Eight years have passed since the onset of the global financial crisis, but downward pressure lingers in today’s world economy. As a platform to reinforce international financial cooperation and drive economic recovery, G20 has advantages in global economic governance.
But before shouldering the responsibility to revitalize the world economy, it has to cope with multiple challenges including its identity dilemma and execution bottlenecks.
The world is counting on China at this critical stage of the ongoing global economic governance transformation. “The Chinese summit could well be the rebirth of not just of the G20, but the rebirth of real cooperation,” commented the former Canadian Prime Minister Paul Martin who is also hailed as “the father of the G20.”
At last year’s Antalya summit, Chinese President Xi Jinping announced the Hangzhou Summit would adopt the theme of “Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy.”
Of the four-pronged theme, “Innovation” will be the engine of the global economy. In today’s world, the driving forces generated from the last round of technological and industrial revolution have lost steam, and the potential of the traditional economic system and development modes is fading away. An innovation-driven growth mode is the only way out given such a backdrop. The world economy can only be revived by innovative technology, pro-development philosophy, new mechanisms and fresh business modes.
“Invigoration” can release development potential. Lackluster growth is the biggest roadblock facing the world economy. The G20 members should stimulate economic vitality by intensifying global cooperation and accelerating domestic structural reforms, so that they can push for a more equal-footed, reasonable and highly-efficient form of global economic governance, optimize their endogenous impetus, and thus fully release the potential of world economy.
“Interconnection” can better pool the efforts of every country. History proves that the world economy cannot be revitalized only by developed countries without emerging economies. Only by synergizing each country’s development with global economic growth, can resources around the world be allocated in the most optimal way.
“Inclusiveness” reflects a farsighted wisdom. It is the responsibility of the international community to benefit people in every corner of the world with the dividends of global economic growth. A sustainable world economy also requires a narrowed development gap. Only when the dividends of development are shared by all, can the maximum market demand will be released, and the global economy have stronger impetus as a result.
The G20 Hangzhou summit will show the world the tangible accomplishments produced from the chemical reaction between an emerging platform of global economic governance and a economically progressive developing nation.
The summit will for the first time issue a statement on climate change, for the first time highlight the importance of development to the global macro-policy framework, and for the first time make an action plan centered on the implementation of the 2030 Agenda for Sustainable Development. These “firsts” prove China’s leading role as the rotating presidency of the G20.
With innovation as a priority, the Hangzhou summit will work out a G20 Blueprint on Innovative Growth and formulate action plans on innovation, the new industrial revolution and digital economy.
The summit will also decide on the prioritized areas, guidelines and index system of the structural reform, deepen international financial architecture reform and optimize the global financial security network, in order to promote the re-balancing of the world economy.
In addition, a growth strategy for global trade and a guideline for international investment policies will be drafted to cope with the growing protectionism and promote an open world economy.
Facing rising geopolitical and security challenges, the G20 Hangzhou summit will focus on international economic cooperation and lay the foundation for world stability. By inviting the most developing countries ever to attend the meeting, the meeting also aims to narrow the development gap and call for an inclusive world economy.
*（Provided by People’s Daily）
