Paul Martin: A lot to be expected from coming G20 Hangzhou Summit
By Wu Yun from the People’s Daily
G20, originated after the 2008 financial crisis, is a key platform for international economic cooperation that marks the major progress of global economic governance. However, according to Mr. Paul Martin, the Canadian former prime minister and finance minister, the previous summits failed to meet expectations in terms of shaking off the sluggish economy. Therefore, there is a lot to be expected from this year’s G20 Summit given the current struggling economy. The following are responses of Mr. Martin to the questions in a recent interview with the People’s Daily correspondent based in Canada.
I’m very glad to see the G20 developing along the right track during China’s presidency of the group. China has done a remarkable job in preparing for the Hangzhou summit.
An important thing in the G20 is the reach-out by the host country to the other members of the G20. China has done a good job in terms of the number of the thinktanks and ministerial meetings arranged. I am quite positive that we are going to have a very successful meeting in China.
G20 Hangzhou Summit is an important meeting for a number of reasons. First of all, China is one of the most important economies in the world. So when a country of this size holds a G20 summit, a lot of weight would be added to it. In addition, China has initiated a number of discussions on a number of major issues to prepare outcomes for summit and translate outcomes into actions.
What’s more, given the current state of the economy, many people think that the current slowdown is a new normal. Under such background, the international community expects the summit to give out remedies.
China’s economic exploration also expands our expectation. The country’s economic transformation is a deliberate policy in terms of looking for internal growth. Given the global economic slowdown and the importance of economic growth, investment in infrastructure and education is absolutely crucial if the global economy is to do well. China has also shown considerable leadership in this field and the creation of Asian Infrastructure Investment Bank is one example.
The G20 should also focus more on global issues influencing the economic development, such as the refugee issue, the role of Africa, marine sustainable development, corruption and climate change. In order to resolve these problems, it is very important to put emphasis on multi-lateral institutions such as IMF and WTO.
It’s wise for China to invite the leaders from African countries such as Egypt to the G20 Summit. The youngest population is in Africa. It’s to all our benefit to give that young population the opportunity to develop and build. Given China’s tremendous role in Africa, the country will play a major character in the continent.
The original intention of the G20 is to cope with the economic challenges faced by the world. But the problem with the previous summits is that the agreements reached by each party were not always kept. I have great expectations and am very confident that China will rise to the challenge. I’m also looking forward to the cooperation between China and Canada in the framework of G20.
