On Sunday and Monday, the world will turn its eyes to Hangzhou, an enchanting Chinese city nestled by the West Lake. Hangzhou, renowned for its rich history and culture, is ready to receive guests from around the globeas China plays host to the 2016 G20 Summit there.
Leaders of the G20 members, representing two-thirds of the world population, 60 per cent of global landmass, 80 per cent of world trade and 85 per cent of global GDP, will gather in Hangzhou to map out future courses of action for a stronger global economy.
This is a summit of global significance. It is the top event that China hosts on its 2016 diplomatic agenda. The fact that the G20 summit will be held in Hangzhou reflects the high confidence the global community has in China and demonstrates the country’s sincere wish to contribute its share to the common good of the world.
The G20 summit mechanism came into being at the height of the 2008 global financial crisis. G20 leaders agreed to work in unison to tackle the crisis and promote global growth. That significantly bolstered flagging public confidence and put the faltering world economy back on track toward stability and recovery.
A review of the past eight years shows that it is that spirit of “togetherness” in times of difficulty that is our most valuable takeaway from these trying moments. When a crisis strikes, a shortage of confidence makes a bigger reason for fear than a shortage of liquidity.
Fortunately, the G20 stepped up. It spoke with one strong voice of solidarity in face of adversity and united behind common actions, making an important contribution to galvanising world economic recovery.
In our highly globalised and interconnected world, cooperation should be the natural choice of all countries as they confront challenges and pursue development. This spirit of “togetherness”, as the valuable asset of all G20 members, should be upheld and passed on.
The summit will champion innovation and inject new impetus into robust, sustainable and balanced growth of the world economy
Today, the global economy and international economic cooperation are once again at a crucial juncture. Growth is still anemic, demand remains sluggish, the growth prospects of developed and emerging economies are diverging, and geopolitical risks and destabilising factors are on the rise.
Can global recovery and growth be fully secured? Can the world economy emerge from the shadows of the crisis? Can scientific and technological advances and new industrial revolution spur a new round of global growth?
The answer to all these questions lies in the choice and action we jointly take. Facing the new dynamics, it behooves the G20 to adapt itself to the changing circumstances and point the way forward for the world economy.
As the 2016 G20 chair, China is ready to work with all parties to build “an innovative, invigorated, interconnected and inclusive world economy” — the theme of the Hangzhou Summit. Under this theme, the summit aims to deliver in the following four priority areas:
First, develop new models of growth to foster the potential for medium-to-long term growth of the world economy through reform and innovation.
Second, improve global economic and financial governance to increase the representation and voice of emerging markets and developing countries and make the world economy more resilient against risks.
Third, boost global trade and investment to build an open world economy and reinvigorate global growth.
Fourth, advance inclusive and interconnected development to implement the 2030 Agenda for SustainableDevelopment and drive world econ-omic development.
China hopes that the G20 could achieve the following goals at the Hangzhou Summit:
First, lead the way, show ambition and chart the future course for world economic development and international economic cooperation.
Second, innovate institutional building and create cooperation platformsto provide strong safeguards forG20’s shift from crisis response to long-term governance.
Third, set rules and targets and monitor delivery to provide yardsticks for evaluating relevant cooperation.
In his message upon China’s assumption of G20 chairmanship, President Xi Jinping pointed out that we should explore new ways to drive development and structural reform to energise the global economy. Guided by the vision of a global community of shared future, we should enhance economic connectivity and exchanges among all countries, improve global economic and financial governance and reduce the inequality and imbalance in global development so that the benefits of economic growth can be equitably shared by all.
Today, China’s economy has entered a “new normal”, characterised by moderated growth yet strong potential, high resilience and big room for manoeuvre. China will follow the vision of innovative, coordinated, green, open and shared development, and boost economic growth through reform and innovation.
It will press ahead with structural reform and implement the innovation-driven strategy. The quality and efficiency of development will receive more attention in China’s development endeavours. We will see to it that the economy continues to operate within the proper range and strive for sound and sustained growth.
China will also actively participate in international economic cooperation and global economic governance, keep its door open to the world, and work for mutual benefit and common development among all.
In this connection, the G20 Hangzhou Summit has given China an important opportunity to put its vision into practice.
September falls in the golden season of autumn in China. Held in a season of harvest, there are high hopes for the Hangzhou Summit to go down in the history of G20 summits as the most productive summit. Nearly 30 major deliverables are expected to be achieved at the summit. Among the larger outcomes, the summit will champion innovation and inject new impetus into robust, sustainable and balanced growth of the world economy.
The summit will advance structural reform and contribute new solutions to various difficulties in the economic and financial fields. The summit will enhance development cooperation and open new prospects in leading the global implementation of the 2030 Agenda for Sustainable Development.
China is ready, and Hangzhou is ready to welcome the guests from all parts of the world. In a spirit of win-win partnership, we look forward to working with all side to implement the outcomes of previous summits and make the Hangzhou Summit a resounding success so that the G20 may play an even bigger role in boosting world economic growth, improving global economic governance and enhancing the wellbeing of people of all countries.
Let us work together to open upnew prospects in the international economic cooperation.
Jiang Jiang is the Chinese Ambassador to Malta.