G20 Hangzhou Summit significant to China and world

 

By Men Jing, People’s Daily

 

After months of preparations, China will, for the first time, host the G20 Summit in Hangzhou in September. As the largest developing country, China will, together with other countries, tackle international economic system reform and seek solutions to sustainable development and stability.

The summit, to be held as the global economic governance confronts challenges, is significant to China and the world.

 

First of all, profound changes are taking place in the international landscape, where dominance of the Bretton Woods system is coming to an end. As China and other developing countries now carry more weight in G20 summits, international economic system reform needs a greater participation from them. China has invited a record number of developing countries to this year’s G20 Hangzhou Summit.

 

China is also demonstrating its responsibility as a major country to the world as host of the summit. It is true that unreasonable factors exist in the current international economic system, but instead of complaining or denying the system, a rising China is doing its utmost to seek reform and discuss global governance with other countries.

 

What’s more, China has contributed greatly to the global economy. Its economic policy has become the driving force especially after the 2008 financial crisis. Though China’s economic growth has slowed in recent years, its influence continues to rise.

 

For instance, the RMB will be added to IMF’s reserve currency basket this October as the only one from an emerging market. The G20 Hangzhou Summit is not only a window for the world to see China’s development, but also a platform for China to share its experience.

 

Apart from addressing short-term roadblocks, the G20 Hangzhou Summit will also work out far-sighted policies to better lead the global economy.

 

As the host country, China could use the summit to integrate its own development into the world for win-win outcomes. To this end, China can combine its development demands with opportunities presented by the international community, find more cooperation platforms and partners, and identify the development direction.

 

At last, the G20 Hangzhou Summit will also create more opportunities for China’s development. In the future, China is expected to strengthen collaboration and exchanges with the world for a win-win development by using more opportunities provided by global platforms.

 

(The author is the Director of the EU-China Research Centre of the College of Europe)