Nations prep for global economic talks prior to G20 Summit

G20 Summit

Photo by Xinhua.

Just 20 days to go until top leaders of the world’s biggest economies gather in Hangzhou for the G20 summit.

Themed to move “Towards an innovative, invigorated, interconnected and inclusive world economy,” the G20 summit this year is expected to draw global attention as the global economy continues to weaken.

The summit is expected to have 10 major outcomes, which will include a blueprint for global growth, economic reforms, and trade and investment. Leaders will come up with strategies in fighting climate change and corruption.

This year’s G20 summit will be the first at which foreign exchange markets will be discussed in detail, as leaders work toward advancing financial reforms worldwide.

Since the 2008 financial crisis, some G20 members have proposed coming up with an economic stimulus plan, while others remain undecided.

But G20 members have reached multiple agreements this year towards building a new world economic order.

Finance ministers have also agreed to new economic reform measures, and members will now face an evaluation of their reforms every two years.

The world economy is still facing a hard time, with increasing terrorist attacks, Brexit complications, and U.S. election uncertainties.

Hangzhou readies for spotlight during G20 Summit

Like many other major Chinese cities, Hangzhou is seeking to become more international. That’s because the competition for capital, technology and high-level human resources is now global.

The Hangzhou government is promoting the city by hosting key international events like the G20 Summit later this year and the 2022 Asian Games.

But what comes after these events, and how will these advancements benefit the local people.

CCTV’s Xing Zheming reports from Hangzhou.